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

3. Fair Value of Financial Instruments

The Company’s cash equivalents are generally classified within Level 1 of the fair value hierarchy. The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values as of June 30, 2026 and December 31, 2025 (in thousands):

 

 

 

Fair Value Measurements as of June 30, 2026:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

1,253

 

 

$

—

 

 

$

—

 

 

$

1,253

 

Cash equivalents

 

$

1,253

 

 

$

—

 

 

$

—

 

 

$

1,253

 

 

 

 

Fair Value Measurements as of December 31, 2025:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

3,072

 

 

$

—

 

 

$

—

 

 

$

3,072

 

Cash equivalents

 

$

3,072

 

 

$

—

 

 

$

—

 

 

$

3,072

 

 

During the three and six months ended June 30, 2026 and 2025, there were no transfers between levels. The fair value of the Company’s cash equivalents, consisting of money market funds, is based on quoted market prices in active markets with no valuation adjustment.

The Company believes the carrying amounts of its accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued expenses approximate their fair value due to the short-term nature of these amounts.