Fair Value Measurements

Fair Value

Level 1

Level 2

Level 3

Total

June 30, 2026

Money market funds (1)

$

37,483

$

37,483

$

—

$

—

$

37,483

U.S. treasury securities

350,077

350,077

—

—

350,077

Total

$

387,560

$

387,560

$

—

$

—

$

387,560

December 31, 2025

Money market funds (1)

$

45,669

$

45,669

$

—

$

—

$

45,669

U.S. treasury securities

346,581

346,581

—

—

346,581

Total

$

392,250

$

392,250

$

—

$

—

$

392,250