| Summary of Cash Equivalents and Marketable Securities |
The following tables summarize the Company’s cash equivalents and marketable securities as of June 30, 2026 and December 31, 2025:
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Total |
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Quoted
Prices in
Active
Markets
(Level 1) |
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Significant
Other
Observable
Inputs
(Level 2) |
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|
Significant
Unobservable
Inputs
(Level 3) |
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(in thousands) |
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June 30, 2026 |
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Cash equivalents: |
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|
|
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|
|
Money market funds invested in government securities |
|
$ |
71,697 |
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|
$ |
71,697 |
|
|
$ |
— |
|
|
$ |
— |
|
U.S. Treasury Bills |
|
|
15,941 |
|
|
|
15,941 |
|
|
|
— |
|
|
|
— |
|
Total cash equivalents |
|
|
87,638 |
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|
|
87,638 |
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|
|
— |
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|
|
— |
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|
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|
|
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|
|
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|
|
Marketable securities: |
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|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Bills |
|
|
61,430 |
|
|
|
61,430 |
|
|
|
— |
|
|
|
— |
|
U.S. Government securities |
|
|
2,150 |
|
|
|
— |
|
|
|
2,150 |
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|
|
— |
|
Total marketable securities |
|
|
63,580 |
|
|
|
61,430 |
|
|
|
2,150 |
|
|
|
— |
|
Total cash equivalents and marketable securities |
|
$ |
151,218 |
|
|
$ |
149,068 |
|
|
$ |
2,150 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
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|
December 31, 2025 |
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|
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|
|
Cash equivalents: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds invested in government securities |
|
$ |
78,930 |
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|
$ |
78,930 |
|
|
$ |
— |
|
|
$ |
— |
|
Total cash equivalents |
|
|
78,930 |
|
|
|
78,930 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities: |
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|
|
|
|
|
|
|
|
|
|
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U.S. Government securities |
|
|
51,440 |
|
|
|
— |
|
|
|
51,440 |
|
|
|
— |
|
Total marketable securities |
|
|
51,440 |
|
|
|
— |
|
|
|
51,440 |
|
|
|
— |
|
Total cash equivalents and marketable securities |
|
$ |
130,370 |
|
|
$ |
78,930 |
|
|
$ |
51,440 |
|
|
$ |
— |
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|
| Summary of Marketable Securities |
The following table summarizes the Company's marketable securities as of June 30, 2026 and December 31, 2025:
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|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair Value |
|
|
|
(in thousands) |
|
June 30, 2026 |
|
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|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Bills |
|
$ |
61,441 |
|
|
|
|
|
$ |
(11 |
) |
|
$ |
61,430 |
|
U.S. Government securities |
|
$ |
2,151 |
|
|
|
|
|
|
(1 |
) |
|
$ |
2,150 |
|
Total marketable securities |
|
$ |
63,592 |
|
|
$ |
— |
|
|
$ |
(12 |
) |
|
$ |
63,580 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
December 31, 2025 |
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Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government securities |
|
$ |
51,386 |
|
|
|
54 |
|
|
|
— |
|
|
$ |
51,440 |
|
Total marketable securities |
|
$ |
51,386 |
|
|
$ |
54 |
|
|
$ |
— |
|
|
$ |
51,440 |
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|