v3.26.1
Fair Value of Financial Assets and Liabilities
 6 Months Ended
Jun. 30, 2026
Fair Value of Financial Assets and Liabilities  
Fair Value of Financial Assets and Liabilities

3. Fair Value of Financial Assets and Liabilities

The following tables summarize the assets and liabilities measured at fair value on a recurring basis at June 30, 2026 and December 31, 2025 (in thousands):

 

 

 

Fair Value Measurements at June 30, 2026

 

 

 

Total

 

Level 1

 

Level 2

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

217,532

 

 

$

217,532

 

 

$

—

 

 

$

—

 

U.S. treasury obligations

 

 

199,491

 

 

 

199,491

 

 

 

—

 

 

 

—

 

Marketable securities:

 

 

 

 

 

 

 

 

U.S. treasury obligations and government agency securities

 

 

54,997

 

 

 

54,997

 

 

 

—

 

 

 

—

 

Total assets

 

$

472,020

 

 

$

472,020

 

 

$

—

 

 

$

—

 

 

 

Fair Value Measurements at December 31, 2025

 

 

 

Total

 

Level 1

 

Level 2

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

309,089

 

 

$

309,089

 

 

$

—

 

 

$

—

 

Marketable securities:

 

 

 

 

 

 

 

 

U.S. treasury obligations and government agency securities

 

 

44,036

 

 

 

44,036

 

 

 

—

 

 

 

—

 

Total assets

 

$

353,125

 

 

$

353,125

 

 

$

—

 

 

$

—

 

 

Level 1 assets include investments in money market funds, U.S. treasury obligations and government agency securities that are valued using quoted market prices in active markets. There were no transfers of assets between fair value measurement levels during the six months ended June 30, 2026 and 2025.

The carrying amounts reflected in the balance sheets for prepaid expenses and other current assets, accounts payable, and accrued expenses approximate their fair values at June 30, 2026 and December 31, 2025, due to their short-term nature.