v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

4. Fair Value Measurements

The following tables set forth marketable securities for the periods presented:

 

 

 

As of June 30, 2026

 

(in thousands)

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Total

 

Commercial paper

 

 

18,078

 

 

 

2

 

 

 

(17

)

 

 

18,063

 

Corporate debt securities

 

 

164,363

 

 

 

38

 

 

 

(282

)

 

 

164,119

 

Certificates of deposit

 

 

10,647

 

 

 

—

 

 

 

(8

)

 

 

10,639

 

U.S. Treasury notes

 

 

29,626

 

 

 

13

 

 

 

(99

)

 

 

29,540

 

Total

 

$

222,714

 

 

$

53

 

 

$

(406

)

 

$

222,361

 

 

 

 

As of December 31, 2025

 

(in thousands)

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Total

 

Commercial paper

 

 

7,736

 

 

 

8

 

 

 

—

 

 

 

7,744

 

Corporate debt securities

 

 

175,401

 

 

 

343

 

 

 

(6

)

 

 

175,738

 

Certificates of deposit

 

 

10,181

 

 

 

9

 

 

 

—

 

 

 

10,190

 

U.S. Treasury notes

 

 

23,400

 

 

 

121

 

 

 

—

 

 

 

23,521

 

Total

 

$

216,718

 

 

$

481

 

 

$

(6

)

 

$

217,193

 

 

The following tables set forth by level, within the fair value hierarchy (see Note 2), the assets carried at fair value on a recurring basis for the periods presented:

 

 

 

Fair Value Measurements as of June 30, 2026

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

179,771

 

 

$

—

 

 

$

—

 

 

$

179,771

 

Marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

—

 

 

 

18,063

 

 

 

—

 

 

 

18,063

 

Corporate debt securities

 

 

—

 

 

 

164,119

 

 

 

—

 

 

 

164,119

 

Certificates of deposit

 

 

—

 

 

 

10,639

 

 

 

—

 

 

 

10,639

 

U.S. Treasury notes

 

 

29,540

 

 

 

—

 

 

 

—

 

 

 

29,540

 

Total

 

$

209,311

 

 

$

192,821

 

 

$

—

 

 

$

402,132

 

 

 

 

 

Fair Value Measurements as of December 31, 2025

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

278,133

 

 

$

—

 

 

$

—

 

 

$

278,133

 

Marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

—

 

 

 

7,744

 

 

 

—

 

 

 

7,744

 

Corporate debt securities

 

 

—

 

 

 

175,738

 

 

 

—

 

 

 

175,738

 

Certificates of deposit

 

 

—

 

 

 

10,190

 

 

 

—

 

 

 

10,190

 

U.S. Treasury notes

 

 

23,521

 

 

 

—

 

 

 

—

 

 

 

23,521

 

Total

 

$

301,654

 

 

$

193,672

 

 

$

—

 

 

$

495,326

 

 

The fair value of U.S. government Treasury notes and money market funds were determined by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy. Commercial paper, certificates of deposit, and corporate debt securities were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy.

 

There were no transfers between Level 1, Level 2, or Level 3 during the periods presented.

 

The following table summarizes the scheduled maturity for the Company's marketable securities for the periods presented:

 

(in thousands)

 

June 30, 2026

 

Maturing in one year or less

 

$

141,082

 

Maturing after one year through two years

 

 

81,279

 

Maturing after two years

 

 

—

 

Total

 

$

222,361

 

 

Financial instruments not recorded at fair value

The carrying values of cash, cash equivalents, accounts payable and accrued expenses that are reported on the balance sheets approximate their fair value due to the short-term nature of these assets and liabilities. The carrying amounts of the Company's Term Loans under the Loan Agreement, each as defined in Note 7, approximate market rates currently available to the Company.