v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets Carried at Fair Value and Measured on a Recurring Basis
The following table details the assets carried at fair value and measured on a recurring basis within the three levels of fair value as of June 30, 2026 and December 31, 2025:
(in thousands)Gross UnrealizedReported as:
June 30, 2026Amortized CostGainsLossesFair Value
Cash equivalents
Short-term investmentsLong-term investments
Level 1
Mutual funds$697 $— $— $697 $697 $— $— 
U.S. treasury securities87,530 10 (253)87,287 — 52,031 35,256 
Total Level 188,227 10 (253)87,984 697 52,031 35,256 
Level 2
Commercial paper13,960 — (2)13,958 11,978 1,980 — 
Corporate debt securities1,679 — (1)1,678 — 1,678 — 
Agency securities25,160 — (85)25,075 — 15,176 9,899 
Total Level 240,799 — (88)40,711 11,978 18,834 9,899 
Total Level 1 and Level 2$129,026 $10 $(341)$128,695 $12,675 $70,865 $45,155 
(in thousands)Gross UnrealizedReported as:
December 31, 2025Amortized CostGainsLossesFair Value
Cash equivalents
Short-term investmentsLong-term investments
Level 1
Mutual funds$1,528 $— $— $1,528 $1,528 $— $— 
U.S. treasury securities90,066 208 — 90,274 — 49,489 40,785 
Total Level 191,594 208 — 91,802 1,528 49,489 40,785 
Level 2
Commercial paper15,321 1 (1)15,321 10,379 4,942 — 
Corporate debt securities1,668 1 — 1,669 — 1,669 — 
Agency securities46,838 46 (12)46,872 — 34,918 11,954 
Total Level 263,827 48 (13)63,862 10,379 41,529 11,954 
Total Level 1 and Level 2$155,421 $256 $(13)$155,664 $11,907 $91,018 $52,739 
Schedule of Unrealized Losses and Fair Values of Available-for-Sale Securities in an Unrealized Loss Position
The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of June 30, 2026 are as follows:
ㅤ
(in thousands)Securities in Unrealized Loss Position Less than 12 monthsSecurities in Unrealized Loss Position Greater than 12 monthsTotal
June 30, 2026Gross Unrealized LossesFair Market ValueGross Unrealized LossesFair Market ValueGross Unrealized LossesFair Market Value
U.S. treasury securities$(253)$69,867 $— $— $(253)$69,867 
Commercial paper(2)13,958 — — (2)13,958 
Corporate debt securities(1)1,678 — — (1)1,678 
Agency securities(84)21,584 (1)1,492 (85)23,076 
Total$(340)$107,087 $(1)$1,492 $(341)$108,579