v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
We define fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques we use to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. We classify the inputs used to measure fair value into the following hierarchy:

Level 1Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2Unadjusted quoted prices in active markets for similar assets or liabilities; unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability.
Level 3Unobservable inputs for the asset or liability.

Our financial assets measured at fair value on a recurring basis are summarized below by their classification within the fair value hierarchy as follows (in thousands):
June 30, 2026
Carrying ValueLevel 1Level 2Level 3Total
Assets
Cash equivalents
Money market funds$9,086 $9,086 $— $— $9,086 
Commercial paper46,092 — 46,092 — 46,092 
Short-term marketable securities
Government securities18,230 — 18,230 — 18,230 
Commercial paper12,140 — 12,140 — 12,140 
Corporate bonds997 — 997 — 997 
Total assets measured at fair value$86,545 $9,086 $77,459 $— $86,545 

December 31, 2025
Carrying ValueLevel 1Level 2Level 3Total
Assets
Cash equivalents
Money market funds$15,563 $15,563 $— $— $15,563 
Short-term marketable securities
Commercial paper3,495 — 3,495 — 3,495 
Total assets measured at fair value$19,058 $15,563 $3,495 $— $19,058 

We endeavor to utilize the best available information in measuring fair value. Our money market funds are measured at fair value based on quoted prices in active markets and are classified as Level 1 within the fair value hierarchy. Our available for sale marketable securities, which include government securities, commercial paper and corporate bonds, are measured at fair value using quoted market prices to the extent available or alternative pricing sources and models utilizing market observable inputs and are classified as Level 2 within the fair value hierarchy. There were no transfers between the hierarchy levels during the six months ended June 30, 2026 or the year ended December 31, 2025.
The following table summarizes our cash equivalents and available for sale debt securities by contractual maturity (in thousands):
As of June 30, 2026As of December 31, 2025
Amortized CostFair ValueAmortized CostFair Value
Due in 1 year$84,805 $84,775 $19,058 $19,058 
Due in 1 year through 5 years1,770 1,770 — — 
Total$86,575 $86,545 $19,058 $19,058 

All marketable securities, including those that have contractual maturities greater than one year, have been classified as short-term based on their readily liquid nature and because they represent the investment of cash that is available to support current operations.

Unrealized gains and losses on available for sale debt securities that are not credit related are included in accumulated other comprehensive income (loss) and summarized as follows (in thousands):
June 30, 2026
Amortized CostUnrealized GainsUnrealized LossesFair Value
Cash equivalents
Money market funds$9,086 $— $— $9,086 
Commercial paper46,100 — (8)46,092 
Short-term marketable securities
Government securities18,249 — (19)18,230 
Commercial paper12,143 — (3)12,140 
Corporate bonds997 — — 997 
Total$86,575 $— $(30)$86,545 

December 31, 2025
Amortized CostUnrealized GainsUnrealized LossesFair Value
Cash equivalents
Money market funds$15,563 $— $— $15,563 
Short-term marketable securities
Commercial paper3,495 — — 3,495 
Total$19,058 $— $— $19,058 

As of June 30, 2026, we had 46 securities in a net unrealized loss position that were immaterial individually and in aggregate. As of December 31, 2025, we had no securities in a net unrealized loss position. We did not record any credit losses regarding our available for sale debt securities during the six months ended June 30, 2026 and 2025. We do not intend to sell these securities at a significant loss as we have the ability to hold them until maturity, and it is more likely than not that we will not be required to sell these securities before the recovery of their amortized cost basis. We recognized interest income of $0.9 million and $1.2 million for the three months ended June 30, 2026 and 2025, and $1.8 million and $2.6 million for the six months ended June 30, 2026 and 2025, respectively.