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 table sets forth by level, within the fair value hierarchy, the financial assets, and liabilities carried at fair value on a recurring basis (in thousands):

 

 

 

March 31, 2026

 

 

 

Total

 

 

Quoted prices in active markets for identical assets (Level 1)

 

 

Significant other observable inputs (Level 2)

 

 

Significant unobservable inputs (Level 3)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

52,287

 

 

$

52,287

 

 

$

—

 

 

$

—

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries

 

 

159,733

 

 

 

—

 

 

 

159,733

 

 

 

—

 

Total financial assets

 

$

212,020

 

 

$

52,287

 

 

$

159,733

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

 

Total

 

 

Quoted prices in active markets for identical assets (Level 1)

 

 

Significant other observable inputs (Level 2)

 

 

Significant unobservable inputs (Level 3)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

45,710

 

 

$

45,710

 

 

$

—

 

 

$

—

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries

 

 

187,611

 

 

 

—

 

 

 

187,611

 

 

 

—

 

Total financial assets

 

$

233,321

 

 

$

45,710

 

 

$

187,611

 

 

$

—

 

 

As of March 31, 2026 and December 31, 2025, the Company’s cash equivalents consisted of money market funds which are classified as Level 1 financial assets, as these assets are valued using quoted market prices in active markets without any valuation adjustment. As of March 31, 2026 and December 31, 2025, the Company's investments consisted of United States treasuries, which are classified as Level 2 financial assets. The Company estimates the fair value of the investments by taking into consideration valuations obtained from third-party pricing sources. As of March 31, 2026 and December 31, 2025, the Company had no financial liabilities that required fair value measurement. As of March 31, 2026, there were no securities in an unrealized loss position for more than twelve months.

During the three months ended March 31, 2026, there were no transfers or reclassifications between fair value measurement levels of assets. The carrying amounts reflected in the condensed consolidated balance sheets for prepaid expenses and other current assets, accounts payable, related party payable and accrued expenses and other current liabilities approximate fair value due to their short-term nature.