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

3. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands):

 

 

 

As of June 30, 2026

 

 

As of December 31, 2025

 

 

 

 

 

 

Fair Value Hierarchy

 

 

 

 

 

Fair Value Hierarchy

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

5,221

 

 

$

—

 

 

$

5,221

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Money market funds

 

 

78,809

 

 

 

78,809

 

 

 

—

 

 

 

—

 

 

 

596,264

 

 

 

596,264

 

 

 

—

 

 

 

—

 

Commercial paper

 

 

7,983

 

 

 

7,983

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

U.S. Treasury securities

 

 

34,752

 

 

 

—

 

 

 

34,752

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

10,250

 

 

 

—

 

 

 

10,250

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

U.S. Treasury securities

 

 

44,804

 

 

 

—

 

 

 

44,804

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

U.S. Government securities

 

 

67,540

 

 

 

—

 

 

 

67,540

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

249,359

 

 

$

86,792

 

 

$

162,567

 

 

$

—

 

 

$

596,264

 

 

$

596,264

 

 

$

—

 

 

$

—

 

The Company’s cash equivalents and marketable securities are carried at fair value, determined according to the fair value hierarchy. The carrying value of the Company’s accounts payable and accrued expenses approximate their fair values due to the short-term nature of these liabilities. As of December 31, 2025, cash and cash equivalents were comprised of funds held in checking and money market accounts and were classified as Level 1.

Money market funds and commercial paper included within cash equivalents are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. Government securities and obligations and corporate bonds are included within cash equivalents and marketable securities are classified within Level 2 of the fair value hierarchy because pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through using models or other valuation methodologies.

There were no transfers into or out of Level 3 in the periods presented.