v3.26.1
FAIR VALUE MEASUREMENTS
6 Months Ended
Jun. 30, 2026
FAIR VALUE MEASUREMENTS  
FAIR VALUE MEASUREMENTS

5. FAIR VALUE MEASUREMENTS

Money market funds are classified as Level 1 fair value instruments. Investments in available-for-sale debt securities are classified as Level 2 and carried at fair value, which the Company estimates utilizing a third-party pricing service. The pricing service utilizes industry standard valuation models whereby all significant

inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, or other market-related data, are observable. The Company validates valuations obtained from third-party services by obtaining market values from other pricing sources. The Company did not classify any assets or liabilities as Level 3 as of June 30, 2026, or December 31, 2025.

The Company’s assets measured at fair value consisted of the following:

June 30, 2026

December 31, 2025

Total

Level 1

Level 2

Total

Level 1

Level 2

Assets

Cash equivalents

$

275,765

275,765

$

225,605

225,605

Commercial paper

44,488

44,488

8,371

8,371

Corporate debt securities

325,634

325,634

104,147

104,147

U.S. government securities

42,568

42,568

17,447

17,447

Total

$

688,455

275,765

412,690

$

355,570

225,605

129,965