v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):
June 30, 2026
Level 1Level 2Level 3Total
Assets:
Money market funds and cash
$28,658 $— $— $28,658 
Certificates of deposit
— 5,463— 5,463
Commercial paper
— 16,567— 16,567
Corporate debt securities— 94,134 — 94,134 
U.S. Treasury and agency securities
93,730 — — 93,730 
Total assets$122,388 $116,164 $— $238,552 

December 31, 2025
Level 1
Level 2
Level 3
Total
Assets:
Money market funds and cash
$37,541$—$— $37,541 
Certificates of deposit
— 5,366— 5,366 
Commercial paper
—14,789— 14,789 
Corporate debt securities— 78,764— 78,764 
U.S. Treasury and agency securities
84,522—— 84,522 
Total assets$122,063$98,919$— $220,982 

Money market funds and U.S. Treasury and agency securities are highly liquid investments and are actively traded with readily-available market prices that are publicly observable.
Certificates of deposit are recorded at book value, as their book values approximates fair value due to their short-term maturities of three months or less.
Commercial paper and corporate debt securities are valued taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities; issuer credit spreads; benchmark securities; prepayment/default projections based on historical data; and other observable inputs.
The following table summarizes the estimated value of the Company’s cash, cash equivalents, and marketable securities, and the gross unrealized holding gains and losses (in thousands):
June 30, 2026
Amortized
cost		Unrealized
gains		Unrealized
losses		Estimated
fair value
Cash and cash equivalents:
Money market funds and cash$28,658 $— $— $28,658 
Certificates of deposit
5,463 — — 5,463 
Total cash and cash equivalents$34,121 $— $— $34,121 
Marketable securities:
Commercial paper$16,584 $— $(17)$16,567 
Corporate debt securities94,325 1 (192)94,134 
U.S. Treasury and agency securities
93,856 — (126)93,730 
Total marketable securities$204,765 $1 $(335)$204,431 

December 31, 2025
Amortized
cost		Unrealized
gains		Unrealized
losses		Estimated
fair value
Cash and cash equivalents:
Money market funds and cash$37,541 $— $— $37,541 
Certificates of deposit
5,366 — — 5,366 
Total cash and cash equivalents$42,907 $— $— $42,907 
Marketable securities:
Commercial paper$14,782 $8 $(1)$14,789 
Corporate debt securities78,687 81 (4)78,764 
U.S. Treasury and agency securities
84,493 45 (16)84,522 
Total marketable securities$177,962 $134 $(21)$178,075 
As of June 30, 2026, no significant facts or circumstances were present to indicate a deterioration in the creditworthiness of the issuers of the available-for-sale securities. The Company generally holds its marketable securities until maturity and neither intends to sell nor is required to sell investments that are in an unrealized loss position before the recovery of their amortized cost basis. For each security with a fair value less than its amortized cost basis, the Company determined the decline in fair value below the amortized cost basis to be non-credit related, and no allowance for losses has been recorded. As of June 30, 2026, there were no individual securities that were in a material unrealized loss position. To date, the Company has not recorded any impairment charges on available-for-sale securities.
The Company has elected the practical expedient to exclude the applicable accrued interest from both the fair value and the amortized cost basis of its available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable related to available-for-sale securities is presented in prepaid expenses and other current assets, separate from marketable securities, on the consolidated balance sheet. As of June 30, 2026 and December 31, 2025, accrued interest receivable was immaterial. The Company has made an accounting policy election not to recognize an allowance for credit losses for accrued interest receivables on available-for-sale securities and to write off any uncollectible accrued interest receivable by recognizing credit loss expense. To date, the Company has not written off any accrued interest receivables.
The following table summarizes the amortized cost and fair value of marketable securities by contractual maturity at June 30, 2026 and December 31, 2025.
June 30, 2026December 31, 2025
Amortized
cost		Estimated
fair value		Amortized
cost		Estimated
fair value
Maturing within one year
$143,804$143,615$138,281$138,395
Maturing in one to five years
60,96160,81639,68139,680
Total marketable securities
$204,765$204,431$177,962$178,075