v3.26.1
Investments and Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Investments and Fair Value Measurements Investments and Fair Value Measurements
Fair Value of Financial Instruments
The Company measures its cash equivalents and marketable securities at fair value. The Company classifies its cash equivalents and marketable securities within Level 1 or Level 2 because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
The Company classifies its investments, which are comprised of corporate notes and bonds, commercial paper, U.S. treasury securities, certificates of deposit, and municipal securities within Level 2 of the fair value hierarchy because the fair value of these securities is priced by using inputs based on non-binding market consensus prices that are primarily corroborated by observable market data or quoted market prices for similar instruments. Financial assets and liabilities are measured and recorded at fair value on a recurring basis.
The following table summarizes adjusted cost, gross unrealized gains and losses, and fair value related to cash equivalents and available-for-sale securities on the accompanying condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025. For certain of the Company’s financial instruments, including cash held in banks, accounts receivable, and accounts payable, the carrying amounts approximate fair value due to their short maturities, and are therefore excluded from the fair value tables below.
As of June 30, 2026
Reported as:
Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value		Cash equivalents*Marketable securities:
(in thousands)
Level 1:
Money market funds$21,652 $— $— $21,652 $21,652 $— 
Level 2:
U.S. Treasury securities70,776 — (87)70,689 4,783 65,906 
Corporate notes and bonds92,276 — (158)92,118 — 92,119 
Commercial paper91,100 — (134)90,966 3,691 87,275 
Municipal Securities500 — — 500 500 — 
Certificates of deposit2,400 — (1)2,399 — 2,400 
Total$278,704 $— $(380)$278,324 $30,626 $247,700 
* Included in “cash and cash equivalents” in the accompanying condensed consolidated balance sheets in addition to $59.2 million of cash, as of June 30, 2026.
As of December 31, 2025
Reported as:
Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value		Cash equivalents*Marketable securities:
(in thousands)
Level 1:
Money market funds$44,032 $— $— $44,032 $44,032 $— 
Level 2:
U.S. Treasury securities64,273 27 — 64,300 8,290 56,010 
Corporate notes and bonds50,942 19 — 50,961 4,570 46,391 
Commercial paper111,706 20 (2)111,724 33,928 77,796 
Municipal Securities1,600 — — 1,600 1,600 — 
Certificates of deposit1,399 — — 1,399 400 999 
Total$273,952 $66 $(2)$274,016 $92,820 $181,196 
* Included in “cash and cash equivalents” in the accompanying condensed consolidated balance sheets in addition to $87.7 million of cash, as of December 31, 2025.
The contractual maturities of the Company's marketable securities are all due in one year or less as of June 30, 2026. There were no transfers of assets and liabilities measured at fair value between Level 1 and Level 2, or between Level 2 and Level 3, during the three and six months ended June 30, 2026 and 2025. For the three and six months ended June 30, 2026 and 2025, the Company did not record any impairment charges for its marketable debt securities in its condensed consolidated statements of operations.