Fair Value Measurements (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Summary of Financial Assets And Liabilities Measured at Fair Value on a Recurring Basis |
The following fair value hierarchy table presents information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
64,880 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
64,880 |
|
U.S. government agency bonds |
|
|
— |
|
|
|
8,802 |
|
|
|
— |
|
|
|
8,802 |
|
Cash equivalents |
|
$ |
64,880 |
|
|
$ |
8,802 |
|
|
$ |
— |
|
|
$ |
73,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury bill |
|
$ |
2,981 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,981 |
|
U.S. government bonds |
|
|
116,504 |
|
|
|
— |
|
|
|
— |
|
|
|
116,504 |
|
U.S. government agency bonds |
|
|
— |
|
|
|
81,622 |
|
|
|
— |
|
|
|
81,622 |
|
Commercial paper |
|
|
— |
|
|
|
13,136 |
|
|
|
— |
|
|
|
13,136 |
|
Corporate debt securities |
|
|
— |
|
|
|
29,035 |
|
|
|
— |
|
|
|
29,035 |
|
Foreign corporate debt securities |
|
|
— |
|
|
|
1,503 |
|
|
|
— |
|
|
|
1,503 |
|
Short-term marketable securities |
|
$ |
119,485 |
|
|
$ |
125,296 |
|
|
$ |
— |
|
|
$ |
244,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government bonds |
|
$ |
15,450 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
15,450 |
|
U.S. government agency bonds |
|
|
— |
|
|
|
35,244 |
|
|
|
— |
|
|
|
35,244 |
|
Corporate debt securities |
|
|
— |
|
|
|
11,824 |
|
|
|
|
|
|
11,824 |
|
Long-term marketable securities |
|
$ |
15,450 |
|
|
$ |
47,068 |
|
|
$ |
— |
|
|
$ |
62,518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fair value of financial assets |
|
$ |
199,815 |
|
|
$ |
181,166 |
|
|
$ |
— |
|
|
$ |
380,981 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Warrant liability |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
678 |
|
|
$ |
678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
182,234 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
182,234 |
|
Commercial paper |
|
|
— |
|
|
|
5,736 |
|
|
|
— |
|
|
|
5,736 |
|
Corporate debt securities |
|
|
— |
|
|
|
642 |
|
|
|
— |
|
|
|
642 |
|
Cash equivalents |
|
$ |
182,234 |
|
|
$ |
6,378 |
|
|
$ |
— |
|
|
$ |
188,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government bonds |
|
$ |
41,093 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
41,093 |
|
Commercial paper |
|
|
— |
|
|
|
5,053 |
|
|
|
— |
|
|
|
5,053 |
|
U.S. government agency bonds |
|
|
— |
|
|
|
11,613 |
|
|
|
— |
|
|
|
11,613 |
|
Corporate debt securities |
|
|
— |
|
|
|
32,941 |
|
|
|
— |
|
|
|
32,941 |
|
Foreign corporate debt securities |
|
|
— |
|
|
|
1,510 |
|
|
|
— |
|
|
|
1,510 |
|
Short-term marketable securities |
|
$ |
41,093 |
|
|
$ |
51,117 |
|
|
$ |
— |
|
|
$ |
92,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government bonds |
|
$ |
4,032 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,032 |
|
Long-term marketable securities |
|
$ |
4,032 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fair value of financial assets |
|
$ |
227,359 |
|
|
$ |
57,495 |
|
|
$ |
— |
|
|
$ |
284,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Warrant liability |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
370 |
|
|
$ |
370 |
|
|
| Summary of Company's Cash Equivalents and Marketable Securities' Amortized Costs, Gross Unrealized Gains, Gross Unrealized Losses and Estimated Fair Values by Significant Investment Category |
The following tables summarize the Company's cash equivalents and marketable securities' amortized costs, gross unrealized gains, gross unrealized losses, and estimated fair values by significant investment category (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
|
|
June 30, 2026 |
|
Contractual Maturity |
|
Amortized Cost |
|
|
Losses |
|
|
Gains |
|
|
Fair Value |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
Three months or less |
|
$ |
64,880 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
64,880 |
|
U.S. government agency bonds |
|
Three months or less |
|
|
8,826 |
|
|
|
(24 |
) |
|
|
— |
|
|
|
8,802 |
|
Cash equivalents |
|
|
|
$ |
73,706 |
|
|
$ |
(24 |
) |
|
$ |
— |
|
|
$ |
73,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury bill |
|
Less than 1 year |
|
$ |
2,981 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,981 |
|
U.S. government bonds |
|
Less than 1 year |
|
|
116,661 |
|
|
|
(163 |
) |
|
|
6 |
|
|
|
116,504 |
|
U.S. government agency bonds |
|
Less than 1 year |
|
|
81,714 |
|
|
|
(92 |
) |
|
|
— |
|
|
|
81,622 |
|
Commercial paper |
|
Less than 1 year |
|
|
13,148 |
|
|
|
(12 |
) |
|
|
— |
|
|
|
13,136 |
|
Corporate debt securities |
|
Less than 1 year |
|
|
29,079 |
|
|
|
(44 |
) |
|
|
— |
|
|
|
29,035 |
|
Foreign corporate debt securities |
|
Less than 1 year |
|
|
1,504 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
1,503 |
|
Short-term marketable securities |
|
|
|
$ |
245,087 |
|
|
$ |
(312 |
) |
|
$ |
6 |
|
|
$ |
244,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government bonds |
|
1 to 2 years |
|
$ |
15,485 |
|
|
$ |
(35 |
) |
|
$ |
— |
|
|
$ |
15,450 |
|
U.S. government agency bonds |
|
1 to 2 years |
|
|
35,445 |
|
|
|
(201 |
) |
|
|
— |
|
|
|
35,244 |
|
Corporate debt securities |
|
1 to 2 years |
|
|
11,884 |
|
|
|
(60 |
) |
|
|
|
|
|
11,824 |
|
Long-term marketable securities |
|
|
|
$ |
62,814 |
|
|
$ |
(296 |
) |
|
$ |
— |
|
|
$ |
62,518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total financial assets |
|
|
|
$ |
381,607 |
|
|
$ |
(632 |
) |
|
$ |
6 |
|
|
$ |
380,981 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
|
|
December 31, 2025 |
|
Contractual Maturity |
|
Amortized Cost |
|
|
Losses |
|
|
Gains |
|
|
Fair Value |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
Three months or less |
|
$ |
182,234 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
182,234 |
|
Commercial paper |
|
Three months or less |
|
|
5,736 |
|
|
|
— |
|
|
|
— |
|
|
|
5,736 |
|
Corporate debt securities |
|
Three months or less |
|
|
642 |
|
|
|
— |
|
|
|
— |
|
|
|
642 |
|
Cash equivalents |
|
|
|
$ |
188,612 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
188,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government bonds |
|
Less than 1 year |
|
$ |
41,014 |
|
|
$ |
— |
|
|
$ |
79 |
|
|
$ |
41,093 |
|
Commercial paper |
|
Less than 1 year |
|
|
5,051 |
|
|
|
— |
|
|
|
2 |
|
|
|
5,053 |
|
U.S. government agency bonds |
|
Less than 1 year |
|
|
11,604 |
|
|
|
— |
|
|
|
9 |
|
|
|
11,613 |
|
Corporate debt securities |
|
Less than 1 year |
|
|
32,933 |
|
|
|
(4 |
) |
|
|
12 |
|
|
|
32,941 |
|
Foreign corporate debt securities |
|
Less than 1 year |
|
|
1,510 |
|
|
|
— |
|
|
|
— |
|
|
|
1,510 |
|
Short-term marketable securities |
|
|
|
$ |
92,112 |
|
|
$ |
(4 |
) |
|
$ |
102 |
|
|
$ |
92,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government bonds |
|
1 to 2 years |
|
|
4,008 |
|
|
|
— |
|
|
|
24 |
|
|
|
4,032 |
|
Long-term marketable securities |
|
|
|
$ |
4,008 |
|
|
$ |
— |
|
|
$ |
24 |
|
|
$ |
4,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total financial assets |
|
|
|
$ |
284,732 |
|
|
$ |
(4 |
) |
|
$ |
126 |
|
|
$ |
284,854 |
|
|
| Summary of Changes in Fair Value of the Warrant Liability |
The following table sets forth the changes in fair value of the warrant liability for the six months ended June 30, 2026 (in thousands):
|
|
|
|
|
Fair value at December 31, 2025 |
|
$ |
370 |
|
Changes in fair value |
|
|
107 |
|
Fair value at March 31, 2026 |
|
$ |
477 |
|
Changes in fair value |
|
|
201 |
|
Fair value at June 30, 2026 |
|
$ |
678 |
|
|