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

4. FAIR VALUE MEASUREMENTS

The following table sets forth by level, within the fair value hierarchy, the financial assets, and liabilities carried at fair value on a recurring basis (in thousands):

 

 

 

June 30, 2026

 

 

 

Total

 

 

Quoted prices in active markets for identical assets (Level 1)

 

 

Significant other observable inputs (Level 2)

 

 

Significant unobservable inputs (Level 3)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

   Money market funds

 

$

48,843

 

 

$

48,843

 

 

$

—

 

 

$

—

 

   U.S. treasuries with original maturities less than 90 days

 

 

14,969

 

 

 

—

 

 

 

14,969

 

 

 

—

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

   United States treasuries

 

 

363,037

 

 

 

—

 

 

 

363,037

 

 

 

—

 

Total financial assets

 

$

426,849

 

 

$

48,843

 

 

$

378,006

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

 

Total

 

 

Quoted prices in active markets for identical assets (Level 1)

 

 

Significant other observable inputs (Level 2)

 

 

Significant unobservable inputs (Level 3)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

   Money market funds

 

$

45,710

 

 

$

45,710

 

 

$

—

 

 

$

—

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

   United States treasuries

 

 

187,611

 

 

 

—

 

 

 

187,611

 

 

 

—

 

Total financial assets

 

$

233,321

 

 

$

45,710

 

 

$

187,611

 

 

$

—

 

 

As of June 30, 2026 and December 31, 2025, the Company’s cash equivalents consisted of money market funds which are classified as Level 1 financial assets, as these assets are valued using quoted market prices in active markets without any valuation adjustment and United States treasuries with original maturities less than 90 days, which are classified as Level 2 financial assets.

 

As of June 30, 2026 and December 31, 2025, the Company's investments consisted of United States treasuries, which are classified as Level 2 financial assets. The Company estimates the fair value of the investments by taking into consideration valuations obtained from third-party pricing sources. As of June 30, 2026 and December 31, 2025, the Company had no financial liabilities that required fair value measurement. As of June 30, 2026, there were no securities in an unrealized loss position for more than twelve months.

During the three and six months ended June 30, 2026 and 2025, there were no transfers or reclassifications between fair value measurement levels of assets. The carrying amounts reflected in the condensed consolidated balance sheets for prepaid expenses and other current assets, accounts payable, accrued expenses, and other current liabilities approximate fair value due to their short-term nature.