Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following table sets forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy (in thousands):


Description:	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	$	36,220	$	36,220	$	—	$	—
U.S Treasury	7,701		7,701		—		—
Short-term investments:
U.S. Treasury	144,640		144,640		—		—
Corporate bonds	17,845		—		17,845		—
Commercial paper	25,673		—		25,673		—
Total	$	232,079	$	188,561	$	43,518	$	—


Description:	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	$	45,436	$	45,436	$	—	$	—
U.S. Treasury	16,434		16,434		—		—
Short-term investments:
U.S. Treasury	133,097		133,097		—		—
Corporate bonds	23,182		—		23,182		—
Commercial paper	14,397		—		14,397		—
Total	$	232,546	$	194,967	$	37,579	$	—