v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
4.
Fair Value Measurements

The following tables present information about the Company’s financial instruments that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the inputs the Company utilized to determine such fair value (in thousands):

 

 

 

March 31, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market accounts

 

$

19,892

 

 

$

—

 

 

$

—

 

 

$

19,892

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

—

 

 

 

11,016

 

 

 

—

 

 

$

11,016

 

Commercial paper

 

 

—

 

 

 

5,469

 

 

 

—

 

 

$

5,469

 

Corporate debt securities

 

 

—

 

 

 

14,332

 

 

 

—

 

 

$

14,332

 

Total

 

$

19,892

 

 

$

30,817

 

 

$

—

 

 

$

50,709

 

 

 

 

December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market accounts

 

$

16,245

 

 

$

—

 

 

$

—

 

 

$

16,245

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

—

 

 

 

30,124

 

 

 

—

 

 

 

30,124

 

Commercial paper

 

 

—

 

 

 

30,725

 

 

 

—

 

 

 

30,725

 

Corporate debt securities

 

 

—

 

 

 

25,195

 

 

 

—

 

 

 

25,195

 

Total

 

$

16,245

 

 

$

86,044

 

 

$

—

 

 

$

102,289

 

 

As of March 31, 2026 and December 31, 2025, the Company had cash equivalents consisting of money market accounts classified as Level 1 financial assets, as these assets are valued using quoted market prices in active markets without any valuation adjustments. The Company classifies its investments in U.S. Treasury securities (Treasury bills, Treasury notes, and Treasury bonds), commercial paper, and corporate debt securities as Level 2 instruments. The Company estimates the fair value of these marketable securities by taking into consideration valuations obtained from third-party pricing sources. These pricing sources utilize standard industry valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly to estimate fair value. These inputs include market pricing based on real time trade data for the same or similar securities, issuer credit spreads, benchmark yields, and other observable inputs.

During the periods ended March 31, 2026 and December 31, 2025, there were no transfers or reclassifications between fair value measurement levels of financial assets or liabilities.