v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
10.
Fair Value Measurements

The following tables summarize the Company’s assets by significant categories carried at fair value measured on a recurring basis by valuation hierarchy (in thousands):

 

 

June 30, 2026

 

 

 

Carrying
Value

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

 

Cash
Equivalents

 

 

Marketable Securities

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

76,744

 

 

$

—

 

 

$

—

 

 

$

76,744

 

 

$

76,744

 

 

$

—

 

Subtotal

 

$

76,744

 

 

$

—

 

 

$

—

 

 

$

76,744

 

 

$

76,744

 

 

$

—

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

40,090

 

 

$

—

 

 

$

(29

)

 

$

40,061

 

 

$

—

 

 

$

40,061

 

U.S. Agency securities

 

 

29,972

 

 

 

—

 

 

 

(19

)

 

 

29,953

 

 

 

—

 

 

 

29,953

 

Subtotal

 

$

70,062

 

 

$

—

 

 

$

(48

)

 

$

70,014

 

 

$

—

 

 

$

70,014

 

Total

 

$

146,806

 

 

$

—

 

 

$

(48

)

 

$

146,758

 

 

$

76,744

 

 

$

70,014

 

 

 

 

December 31, 2025

 

 

 

Carrying
Value

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

 

Cash
Equivalents

 

 

Marketable Securities

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

89,072

 

 

$

—

 

 

$

—

 

 

$

89,072

 

 

$

89,072

 

 

$

—

 

Subtotal

 

$

89,072

 

 

$

—

 

 

$

—

 

 

$

89,072

 

 

$

89,072

 

 

$

—

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

89,211

 

 

$

32

 

 

$

—

 

 

$

89,243

 

 

$

4,990

 

 

$

84,253

 

U.S. Treasury securities

 

 

90,023

 

 

 

79

 

 

 

(1

)

 

 

90,101

 

 

 

—

 

 

 

90,101

 

U.S. Agency securities

 

 

29,900

 

 

 

11

 

 

 

—

 

 

 

29,911

 

 

 

—

 

 

 

29,911

 

Subtotal

 

$

209,134

 

 

$

122

 

 

$

(1

)

 

$

209,255

 

 

$

4,990

 

 

$

204,265

 

Total

 

$

298,206

 

 

$

122

 

 

$

(1

)

 

$

298,327

 

 

$

94,062

 

 

$

204,265

 

 

At June 30, 2026, a total of $76.7 million or 100% of the Company’s interest-bearing cash equivalent balances were concentrated in one institutional money market fund that has investments consisting primarily of Repurchase Agreements and U.S Treasuries. At December 31, 2025, a total of $89.1 million or 94.7% of the Company’s interest-bearing cash equivalent balances were concentrated in one institutional money market fund that has investments consisting primarily of Repurchase Agreements, U.S Treasuries, and U.S. Government Agency Debts.

The Company’s cash equivalents and marketable securities are classified within Level 1 or Level 2 on the basis of valuations using quoted market prices or alternative pricing sources and models utilizing market observable inputs, respectively. The marketable securities have been valued on the basis of valuations provided by third-party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices, or yields of securities with similar characteristics, benchmark curves, or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security, and have been classified as Level 2.

The carrying amounts of accounts receivable, accounts payable, and accrued expenses approximate fair value because of their short-term maturity.