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FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The three-level hierarchy for the inputs to valuation techniques is briefly summarized as follows:
Level 1 –Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the reporting date.
Level 2 –Valuations based on inputs other than Level 1 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 3 –Valuations based on unobservable inputs for which there is little or no market data, which require us to develop our own assumptions.
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, 2026December 31, 2025
(in thousands)Total
Fair Value		Level 1Level 2Level 3Total
Fair Value		Level 1Level 2Level 3
Assets
Money market funds$90,105 $90,105 $— $— $49,430 $49,430 $— $— 
U.S. treasury securities88,067 — 88,067 — 95,157 — 95,157 — 
Commercial paper46,855 — 46,855 — 46,450 — 46,450 — 
U.S. government-sponsored agency bonds23,422 — 23,422 — 27,366 — 27,366 — 
Corporate bonds21,206 — 21,206 — 22,582 — 22,582 — 
Yankee bonds5,089 — 5,089 — 5,135 — 5,135 — 
Total$274,744 $90,105 $184,639 $— $246,120 $49,430 $196,690 $— 
Fair Value of Debt
The outstanding principal under our Loan Agreement is subject to a variable interest rate based on the one-month SOFR, a readily observable market data (Level 2 input). Therefore, we believe the carrying amount of the term loan facility approximated its fair value as of June 30, 2026 and December 31, 2025. See Note 8. Borrowing for more information.
The carrying value of the deferred royalty obligation related to the sale of future royalties approximated its fair value as of June 30, 2026 and December 31, 2025, and is based on our current estimates of future royalties and commercialization milestones expected to be received by HCR over the life of the HCR Agreement. See Note 7. Deferred Royalty Obligation Related to the Sale of Future Royalties for more information.