v3.26.1
Financial Instruments and Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Financial Instruments and Fair Value Measurements
4.
Financial Instruments and Fair Value Measurements

The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis:

 

 

 

Fair Value Measurements at

 

 

 

June 30, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market fund

 

$

41,460

 

 

$

—

 

 

$

—

 

 

$

41,460

 

Restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Money market fund

 

 

100

 

 

 

—

 

 

 

—

 

 

 

100

 

Short-term investments

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

136,171

 

 

 

—

 

 

 

—

 

 

 

136,171

 

Long-term investments

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

44,648

 

 

 

—

 

 

 

—

 

 

 

44,648

 

Total assets

 

$

222,379

 

 

$

—

 

 

$

—

 

 

$

222,379

 

 

 

 

Fair Value Measurements at

 

 

 

December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market fund

 

$

26,249

 

 

$

—

 

 

$

—

 

 

$

26,249

 

Restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Money market fund

 

 

100

 

 

 

—

 

 

 

—

 

 

 

100

 

Short-term investments

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

187,549

 

 

 

—

 

 

 

—

 

 

 

187,549

 

Long-term investments

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

45,431

 

 

 

—

 

 

 

—

 

 

 

45,431

 

Total assets

 

$

259,329

 

 

$

—

 

 

$

—

 

 

$

259,329

 

 

Money market funds and U.S. Treasury securities were valued by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy. There were no changes to the valuation methods during the six months ended June 30, 2026 and 2025. The Company evaluates transfers between levels at the end of each reporting period. There were no transfers between Level 1 or Level 2 during the six months ended June 30, 2026 and 2025.

Warrant Liabilities

In connection with the Company’s initial public offering ("IPO") in January 2025, all outstanding warrant liabilities were remeasured and subsequently net exercised and reclassified to stockholders’ equity. No warrant liabilities were outstanding as of June 30, 2026 or December 31, 2025.