| Fair Value Measurements Assets measured at fair value on a recurring basis as of June 30, 2026 were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30,
2026 | | 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 | | $ | 171,834 | | | $ | 171,834 | | | $ | — | | | $ | — | | | U.S. Treasuries | | 9,981 | | | 9,981 | | | — | | | — | | | Marketable securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Treasuries | | 29,830 | | | 29,830 | | | — | | | — | | | Restricted cash and other non-current assets: | | | | | | | | | | Money market funds | | 2,670 | | | 2,670 | | | — | | | — | | | Total financial assets | | $ | 214,315 | | | $ | 214,315 | | | $ | — | | | $ | — | |
Assets measured at fair value on a recurring basis as of December 31, 2025 were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31,
2025 | | 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 | | $ | 146,645 | | | $ | 146,645 | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Restricted cash and other non-current assets: | | | | | | | | | | Money market funds | | 2,670 | | | 2,670 | | | — | | | — | | | Total financial assets | | $ | 149,315 | | | $ | 149,315 | | | $ | — | | | $ | — | |
The fair value of the Company’s liability for sale of future revenues, as described in Note 12, “Debt”, approximates the amount recorded on the Company’s balance sheet as of June 30, 2026 and December 31, 2025, which represents a Level 3 fair value measurement.
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