| Fair Value Measurements |
Note 5. Fair Value Measurements The following tables show the Company’s financial assets measured at fair value on a recurring basis and the level of inputs used in such measurements as of June 30, 2026 and December 31, 2025 (in thousands):
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June 30, 2026 |
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Adjusted Cost |
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Unrealized Gains |
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Unrealized Losses |
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Fair Value |
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Fair Value Level |
Assets |
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Cash and cash equivalents: |
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Cash |
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$ |
7,744 |
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$ |
— |
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$ |
— |
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$ |
7,744 |
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Money market funds |
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20,471 |
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— |
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— |
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20,471 |
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Level 1 |
Commercial paper |
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65,763 |
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— |
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(10 |
) |
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65,753 |
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Level 2 |
Total cash and cash equivalents |
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93,978 |
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— |
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(10 |
) |
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93,968 |
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Short-term investments: |
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Commercial paper |
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2,449 |
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— |
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— |
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2,449 |
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Level 1 |
Commercial paper |
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10,586 |
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— |
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(2 |
) |
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10,584 |
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Level 2 |
Corporate debt securities |
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2,714 |
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— |
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(2 |
) |
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2,712 |
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Level 1 |
U.S. agency securities |
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20,836 |
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— |
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(24 |
) |
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20,812 |
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Level 2 |
U.S. government securities |
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82,224 |
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1 |
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(92 |
) |
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82,133 |
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Level 2 |
Total short-term investments |
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118,809 |
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1 |
|
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(120 |
) |
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118,690 |
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Total assets measured at fair value |
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$ |
212,787 |
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$ |
1 |
|
|
$ |
(130 |
) |
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$ |
212,658 |
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December 31, 2025 |
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Adjusted Cost |
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Unrealized Gains |
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Unrealized Losses |
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Fair Value |
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Fair Value Level |
Assets |
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Cash and cash equivalents: |
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Cash |
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$ |
4,919 |
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$ |
— |
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$ |
— |
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$ |
4,919 |
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Money market funds |
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45,349 |
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— |
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— |
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45,349 |
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Level 1 |
Commercial paper |
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|
498 |
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— |
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— |
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|
498 |
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Level 1 |
Commercial paper |
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73,491 |
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— |
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(12 |
) |
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73,479 |
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Level 2 |
Total cash and cash equivalents |
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124,257 |
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— |
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(12 |
) |
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124,245 |
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Short-term investments: |
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Commercial paper |
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|
498 |
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— |
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— |
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|
498 |
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Level 1 |
Commercial paper |
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12,734 |
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— |
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(2 |
) |
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12,732 |
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Level 2 |
Corporate debt securities |
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4,680 |
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1 |
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(2 |
) |
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4,679 |
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Level 1 |
U.S. agency securities |
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14,138 |
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1 |
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(5 |
) |
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14,134 |
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Level 2 |
U.S. government securities |
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83,573 |
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|
92 |
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— |
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|
83,665 |
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Level 2 |
Total short-term investments |
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115,623 |
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|
94 |
|
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(9 |
) |
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115,708 |
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Total assets measured at fair value |
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$ |
239,880 |
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|
$ |
94 |
|
|
$ |
(21 |
) |
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$ |
239,953 |
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The amortized costs and fair value of marketable debt securities (excluding cash and money market funds), by contractual maturity, at June 30, 2026 are as follows (in thousands):
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June 30, 2026 |
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Amortized Cost |
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Fair Value |
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Less than 1 year |
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$ |
184,572 |
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$ |
184,443 |
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1 to 5 years |
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|
- |
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|
- |
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Total |
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$ |
184,572 |
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|
$ |
184,443 |
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Unrealized losses have not been recognized as losses in the consolidated statements of operations as the Company neither intends to sell, nor anticipates that it is more likely than not that the Company will be required to sell the securities before recovery of their amortized cost basis. The declines in fair value are due primarily to changes in market interest rates, rather than credit losses.
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