The following table sets forth the fair value of our financial assets that are measured or disclosed on a recurring basis by level within the fair value hierarchy:


	June 30, 2026								December 31, 2025
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	90,105	$	90,105	$	—	$	—	$	49,430	$	49,430	$	—	$	—
U.S. treasury securities	88,067		—		88,067		—		95,157		—		95,157		—
Commercial paper	46,855		—		46,855		—		46,450		—		46,450		—
U.S. government-sponsored agency bonds	23,422		—		23,422		—		27,366		—		27,366		—
Corporate bonds	21,206		—		21,206		—		22,582		—		22,582		—

Yankee bonds	5,089		—		5,089		—		5,135		—		5,135		—
Total	$	274,744	$	90,105	$	184,639	$	—	$	246,120	$	49,430	$	196,690	$	—