v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Measurements  
Fair Value Measurements

3. Fair Value Measurements

The Company’s assets measured at fair value on a recurring basis as of March 31, 2026, consisted of the following (in thousands):

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Fair Value Measurement at March 31, 2026

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  ​ ​ ​

Total

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Cash equivalents - money market funds

​

$

78,518

​

$

78,518

​

$

—

​

$

—

Short-term investments

​

 

233,939

​

 

—

​

 

233,939

​

 

—

Total

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$

312,457

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$

78,518

​

$

233,939

​

$

—

​

The Company’s assets measured at fair value on a recurring basis as of December 31, 2025, consisted of the following (in thousands):

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​

Fair Value Measurement at December 31, 2025

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  ​ ​ ​

Total

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Cash equivalents - money market funds

​

$

23,780

​

$

23,780

​

$

—

​

$

—

Cash equivalents - commercial paper

​

​

5,969

​

​

—

​

​

5,969

​

​

​

Short-term investments

​

 

229,696

​

 

—

​

 

229,696

​

 

—

Total

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$

259,445

​

$

23,780

​

$

235,665

​

$

—

​

​

Short-term investments have been initially valued at the transaction price and subsequently valued at the end of each reporting period utilizing third party pricing services or other market observable data (Level 2). The pricing services utilize industry standard valuation models, including both income and market-based approaches and observable market inputs to determine value. The Company’s short-term investments have a maturity date of one year or less.

Short-term investments with quoted prices as of March 31, 2026, as shown below (in thousands):

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​

March 31, 2026

​

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Unrealized Gain

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Unrealized Gain

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​

​

​

Amortized Cost

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Unrealized (Loss) Gain

​

Credit loss

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Market Value

United States treasury securities

  ​ ​ ​

$

88,345

  ​ ​ ​

$

(60)

  ​ ​ ​

$

—

  ​ ​ ​

$

88,285

Commercial paper and corporate debt securities

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​

132,307

​

​

(120)

​

​

—

​

​

132,187

Asset backed securities

​

 

7,510

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(2)

​

 

—

​

 

7,508

Agency debt securities

​

​

5,961

​

​

(2)

​

​

—

​

​

5,959

Total

​

$

234,123

​

$

(184)

​

$

—

​

$

233,939

​

Short-term investments with quoted prices as of December 31, 2025, as shown below (in thousands):

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​

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​

​

​

​

​

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​

​

December 31, 2025

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​

​

​

Unrealized Gain

​

Unrealized Gain

​

​

​

​

​

Amortized Cost

​

Unrealized (Loss) Gain

​

Credit Loss

​

Market Value

United States treasury securities

  ​ ​ ​

$

83,730

  ​ ​ ​

$

62

  ​ ​ ​

$

—

  ​ ​ ​

$

83,792

Commercial paper and corporate debt securities

​

​

127,934

​

​

41

​

​

—

​

​

127,975

Asset backed securities

​

 

8,000

​

 

7

​

 

—

​

 

8,007

Agency debt securities

​

​

9,920

​

​

2

​

​

—

​

​

9,922

Total

​

$

229,584

​

$

112

​

$

—

​

$

229,696

​

As of March 31, 2026 and December 31, 2025, none of the unrealized losses on the Company’s short-term investments are a result of credit loss, therefore, any unrealized losses were recognized in other comprehensive income (OCI).

As of March 31, 2026 and December 31, 2025, the Company had $1.4 million and $1.1 million, respectively, accrued interest on short-term investments included in “Accounts and other receivables” on the accompanying Consolidated Balance Sheets.

The carrying amounts of the Company’s debt approximate fair value because the rates are floating rates based on the prime lending rate, which approximates market rates (see Note 5) and represents a Level 2 fair value measurement.

Separate disclosure is required for assets and liabilities measured at fair value on a recurring basis from those measured at fair value on a non-recurring basis. Assets recorded at fair value on a non-recurring basis, such as property and equipment and intangible assets are recognized at fair value when they are impaired. As of March 31, 2026 and December 31, 2025, the Company had no other assets or liabilities that were measured at fair value on a non-recurring basis.