Fair Value Measurements and Investments |
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements and Investments | 4. Fair Value Measurements and Investments The Company determines the fair value of financial and non-financial assets and liabilities using the fair value hierarchy, which establishes three levels of inputs that may be used to measure fair value, as follows: • Level I: Inputs which include quoted prices in active markets for identical assets and liabilities. • Level II: Inputs other than Level I that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level III: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
The carrying amounts of the Company’s financial instruments, including restricted cash, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities. The Company’s financial instruments are comprised of Level I and Level II assets, consisting primarily of highly liquid money market funds which are included in cash equivalents and restricted cash, and U.S. Treasury securities which are included in short-term investments. The Company's U.S. Treasury securities are classified as Level II marketable securities and are valued using third-party pricing sources, which can include observable market prices, interest rates and yield curves observable at commonly quoted intervals for similar assets as observable inputs for pricing.
The following tables set forth the fair value of the Company’s investments subject to fair value measurements on a recurring basis and the level of inputs used in such measurements:
As of June 30, 2026 and December 31, 2025, interest receivable of $1.5 million and $0.5 million, respectively, primarily related to short- term investments are included in prepaid expenses and other current assets.
There were 15 debt securities available-for-sale in an unrealized loss position as of June 30, 2026 and none as of December 31, 2025. During the three and six months ended June 30, 2026, the Company did not record an allowance for credit losses or other impairment charges on our marketable securities. Based upon the quarterly impairment review, the Company determined that the unrealized losses were not attributed to credit risk but were primarily associated with changes in interest rates and market liquidity. As of June 30, 2026, the contractual maturities of the Company's short-term U.S. Treasury securities were less than one year. Based on the scheduled maturities of these marketable securities, the Company determined that it is more likely than not that it will hold the securities to maturity and recover its amortized cost basis. |
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