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

2. Fair Value Measurements

The following tables show the Company’s cash equivalents and marketable securities measured at fair value as of June 30, 2026 and December 31, 2025 (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

$

50,630

 

$

50,630

 

$

—

 

$

—

 

Marketable securities:

 

 

 

 

 

 

 

 

   U.S. Treasury securities

 

259,431

 

 

—

 

 

259,431

 

 

—

 

   U.S. government agency securities

 

20,678

 

 

—

 

 

20,678

 

 

—

 

      Total marketable securities

 

280,109

 

 

—

 

 

280,109

 

 

—

 

      Total

$

330,739

 

$

50,630

 

$

280,109

 

$

—

 

 

 

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

$

54,444

 

$

54,444

 

$

—

 

$

—

 

Marketable securities:

 

 

 

 

 

 

 

 

   U.S. Treasury securities

 

133,264

 

 

—

 

 

133,264

 

 

—

 

   U.S. government agency securities

 

45,352

 

 

—

 

 

45,352

 

 

—

 

      Total marketable securities

 

178,616

 

 

—

 

 

178,616

 

 

—

 

      Total

$

233,060

 

$

54,444

 

$

178,616

 

$

—

 

 

The carrying amounts of the Company’s prepaid and other current assets, accounts payable, and accrued and other current liabilities approximate fair value due to their short maturities. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. There were no transfers between Levels 1, 2 or 3 for any of the periods presented.