| Fair Value of Financial Instruments |
7. Fair Value of Financial Instruments Fair Value of Financial Instruments The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy as of June 30, 2026 (in thousands):
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Fair Value Measurements At Reporting Date Using |
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Total |
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Quoted Prices
in Active
Markets for
Identical Assets
(Level 1) |
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Significant
Other
Observable
Inputs (Level 2) |
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Significant
Unobservable
Inputs (Level 3) |
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Assets: |
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Cash equivalents—money market funds |
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$ |
251,404 |
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$ |
251,404 |
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$ |
— |
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$ |
— |
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Short-term investments—U.S. treasury securities |
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204,047 |
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— |
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204,047 |
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— |
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Short-term investments—equity securities |
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2,646 |
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2,646 |
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— |
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— |
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Long-term investments—convertible notes |
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5,000 |
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— |
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— |
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5,000 |
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Long-term investments—U.S. treasury securities |
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62,280 |
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— |
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62,280 |
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— |
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Total assets measured at fair value |
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$ |
525,377 |
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$ |
254,050 |
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$ |
266,327 |
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$ |
5,000 |
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The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2025 (in thousands):
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Fair Value Measurements At Reporting Date Using |
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Total |
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|
Quoted Prices
in Active
Markets For
Identical Assets
(Level 1) |
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Significant
Other
Observable
Inputs (Level 2) |
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Significant
Unobservable
Inputs (Level 3) |
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Assets: |
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Cash equivalents—money market funds |
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$ |
77,615 |
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$ |
77,615 |
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$ |
— |
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$ |
— |
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Short-term investments—U.S. treasury securities |
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60,457 |
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— |
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60,457 |
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— |
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Short-term investments—equity securities |
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6,255 |
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6,255 |
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— |
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— |
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Long-term investments—convertible notes |
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5,000 |
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— |
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— |
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5,000 |
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Long-term investments—U.S. treasury securities |
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20,701 |
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— |
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|
20,701 |
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— |
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Total assets measured at fair value |
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$ |
170,028 |
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$ |
83,870 |
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$ |
81,158 |
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$ |
5,000 |
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There were no transfers within the hierarchy and no changes in the valuation techniques used during the six months ended June 30, 2026. The following table summarizes available-for-sale securities (in thousands):
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As of June 30, 2026 |
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Maturity (in years) |
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Amortized Cost |
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Unrealized Gains |
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Unrealized Losses |
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Estimated Fair Value |
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Assets: |
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Cash equivalents—money market funds |
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$ |
251,404 |
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$ |
— |
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$ |
— |
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$ |
251,404 |
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Short-term investments—U.S. treasury securities |
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1 or less |
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204,496 |
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1 |
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(450 |
) |
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204,047 |
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Short-term investments—equity securities |
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1 or less |
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4,605 |
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— |
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(1,959 |
) |
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2,646 |
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Long-term investments—convertible notes |
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1 - 2 |
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5,000 |
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— |
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— |
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5,000 |
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Long-term investments—U.S. treasury securities |
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1 - 2 |
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62,446 |
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— |
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(166 |
) |
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|
62,280 |
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Total assets measured at fair value |
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$ |
527,951 |
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$ |
1 |
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$ |
(2,575 |
) |
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$ |
525,377 |
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As of December 31, 2025 |
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Maturity (in years) |
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Amortized Cost |
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Unrealized Gains |
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Unrealized Losses |
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Estimated Fair Value |
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Assets: |
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Cash equivalents—money market funds |
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$ |
77,610 |
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$ |
5 |
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$ |
— |
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$ |
77,615 |
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Short-term investments—U.S. treasury securities |
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1 or less |
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|
60,360 |
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|
97 |
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— |
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|
60,457 |
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Short-term investments—equity securities |
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1 or less |
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|
6,857 |
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17 |
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(619 |
) |
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6,255 |
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Long-term investments—convertible notes |
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1 - 2 |
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5,000 |
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— |
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— |
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5,000 |
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Long-term investments—U.S. treasury securities |
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1 - 2 |
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|
20,689 |
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12 |
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— |
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|
20,701 |
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Total assets measured at fair value: |
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$ |
170,516 |
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$ |
131 |
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$ |
(619 |
) |
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$ |
170,028 |
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As of June 30, 2026, none of the available-for-sale securities held have been in an unrealized loss position for greater than 12 months. The Company does not intend to sell its investments in U.S. treasury securities, and it is not likely that the Company will be required to sell these investments before recovery of their amortized cost basis. No allowance for credit losses was recorded.
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