Fair value of financial assets and liabilities |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Fair value of financial assets and liabilities | |
| Fair value of financial assets and liabilities | 3. Fair value of financial assets and liabilities Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: Level 1, quoted prices in active markets for identical assets or liabilities; Level 2, observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data; Level 3, unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The carrying values of cash, cash equivalents and restricted cash, research and development incentives receivable, prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these assets and liabilities. Cash, cash equivalents and restricted cash The Company considers all highly liquid investments that are readily convertible to known amounts of cash with original maturities of three months or less at the date of purchase to be cash equivalents. As of June 30, 2026 and December 31, 2025, the Company had cash equivalents of $359.4 million and $364.2 million, respectively, consisting of money market funds, which are considered Level 1 assets. As of each of June 30, 2026 and December 31, 2025, there were no other assets or liabilities measured at fair value on a recurring basis. As of , the Company had $0.5 million of restricted cash related to a collateralized letter of credit in connection with the Company’s lease for office and laboratory space in Cambridge, Massachusetts that expired in March 2026, which is included within prepaid expenses and other current assets in the Company’s condensed consolidated balance sheet as of December 31, 2025. |