v3.26.1
Fair Value Measurement
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
The Company measures certain financial assets and liabilities at fair value. Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the Company uses a three-level hierarchy, which prioritizes fair value
measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach).
The levels of hierarchy are described below:
Level 1 Quoted prices in active markets for identical instruments;
Level 2 Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and
Level 3 Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Financial assets and liabilities are classified in their entirety based on the most stringent level of input that is significant to the fair value measurement.

The carrying amount of certain financial instruments, including deposits, accounts payable and accrued expenses, approximates fair value due to their short maturities. Our cash equivalents consist of money market funds denominated in U.S. dollars, while our Short-term investments consist of certificates of deposit (“CDs”), United States treasury bills (“Treasury Bills”) and corporate bonds and paper issued by major United States (“U.S.”) and Canadian banks, as well as U.S. publicly traded companies (“Corporate Bonds and Paper”). Our Investments include United States Government Mortgage-backed Securities (“U.S. Government Securities”), Treasury Bills and Corporate Bonds and Paper. The U.S. Government Securities, Treasury Bills, CDs and Corporate Bonds and Paper are all rated A or above and are classified as held-to-maturity and carried at amortized cost, as the Company has the intent and the ability to hold them until they mature. The carrying values of the Company’s Short-term investments and Investments are adjusted for accretion of discounts over the remaining life of the investment, while interest or investment income are recognized in investment income in the Company’s condensed consolidated statement of operations. All of the Company’s Short-term investments and Investments were valued using quoted prices for identical instruments in other markets.

In determining the allowance for expected credit losses under ASC 326, Credit Losses, the credit quality and collectability of each class of financial assets are evaluated. For our U.S. Government Securities, Treasury Bills, CDs and Corporate Bonds and Paper, based on the maturity of the instruments and the strong credit ratings and historical performance of the counterparty, analysis indicates a minimal probability of default, and therefore, the expected credit loss is considered to be negligible.

The following table represents the Company’s financial assets measured at fair value on a recurring basis at June 30, 2026 and December 31, 2025:
Amortized Cost BasisFair Value Measurements Using
Level 1Level 2Level 3Total
Cash Equivalents:
   Money Market Accounts$428,287 $428,287 $— $— $428,287 
Short-term Investments:
   CDs252,000 — 251,996 — 251,996 
   Treasury Bills9,975 — 9,975 — 9,975 
   Corporate Bonds and Paper43,713 — 43,664 — 43,664 
Investments:
   U.S. Government Securities
169,437 — 169,070 — 169,070 
   Treasury Bills129,940 — 129,652 — 129,652 
   Corporate Bonds and Paper521,472 — 519,979 — 519,979 
Total as of June 30, 2026$1,554,824 $428,287 $1,124,336 $— $1,552,623 


Amortized Cost BasisFair Value Measurements Using
Level 1Level 2Level 3Total
Cash Equivalents:
   CDs$255,000 $— $255,093 $— $255,093 
   Money Market Accounts402,909 402,909 — — 402,909 
Short-term Investments:
   CDs417,800 — 418,374 — 418,374 
Investments:
   U.S. Government Securities
5,865 — 5,862 — 5,862 
   Corporate Bonds27,089 — 27,096 — 27,096 
Total as of December 31, 2025$1,108,663 $402,909 $706,425 $— $1,109,334