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

3. Fair value measurements

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

 

 

 

Fair value measurements as of June 30, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

89,966

 

 

$

—

 

 

$

—

 

 

$

89,966

 

Total

 

$

89,966

 

 

$

—

 

 

$

—

 

 

$

89,966

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable Securities:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

—

 

 

$

60,481

 

 

$

—

 

 

$

60,481

 

Commercial paper

 

 

—

 

 

 

22,759

 

 

 

—

 

 

 

22,759

 

US Government and US Government agency debt securities

 

 

169,904

 

 

 

3,105

 

 

 

—

 

 

 

173,009

 

Total

 

$

169,904

 

 

$

86,345

 

 

$

—

 

 

$

256,249

 

 

 

 

Fair value measurements as of December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

72,890

 

 

$

—

 

 

$

—

 

 

$

72,890

 

Total

 

$

72,890

 

 

$

—

 

 

$

—

 

 

$

72,890

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable Securities:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

—

 

 

$

84,750

 

 

$

—

 

 

$

84,750

 

Commercial paper

 

 

—

 

 

 

23,961

 

 

 

—

 

 

 

23,961

 

US Government and US Government agency debt securities

 

 

—

 

 

 

197,999

 

 

 

—

 

 

 

197,999

 

Total

 

$

—

 

 

$

306,710

 

 

$

—

 

 

$

306,710

 

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.

The Company’s assets with fair value categorized as Level 1 within the fair value hierarchy include money market funds. Money market funds are publicly traded mutual funds and are presented as cash equivalents on the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025.

The Company measures its marketable securities at fair value on a recurring basis and classifies those instruments within Level 2 of the fair value hierarchy. Marketable securities are valued using models or other valuation methodologies that use Level 2 inputs. These models are primarily industry-standard models that consider various assumptions, including time value, yield curve, volatility factors, default rates, current market and contractual prices for the underlying financial instruments, as well as other economic measures. Substantially all of these assumptions are observable in the marketplace, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace.

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