The tables below provide information, by level within the fair value hierarchy, of our financial assets and liabilities that are accounted for at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 (in thousands):


	As of June 30, 2026
	Quoted Prices in Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Money market funds(1)	$	53,505	$	—	$	—	$	53,505
U.S. government securities - AFS(2)	$	197,875	$	—	$	—	$	197,875
Equity securities(2)	$	6,814	$	—	$	—	$	6,814
Liabilities
Term Debt(3)(4)	$	—	$	10,075	$	—	$	10,075


	As of December 31, 2025
	Quoted Prices in Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Money market funds(1)	$	108,914	$	—	$	—	$	108,914
U.S. government securities - AFS(2)	$	171,631	$	—	$	—	$	171,631
Equity securities(2)	$	5,555	$	—	$	—	$	5,555
Liabilities
Term Debt(3)(4)	$	—	$	10,057	$	—	$	10,057

(1)Classified as “Cash and cash equivalents” in the condensed consolidated balance sheets.

(2)Classified as “Marketable investment securities” in the condensed consolidated balance sheets.

(3)Classified as “Current portion of long-term debt” and “Long term debt” in the condensed consolidated balance sheets.

(4)Borrowings approximate their fair value as the interest rate is variable and reflects market rates.