v3.26.1
Fair Value Measurements and Investments
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Investments Fair Value Measurements and Investments
The following tables present the Company’s fair value hierarchy for its assets that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair value:
As of June 30, 2026:
(in thousands)Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$— $41,977 $— $41,977 
Corporate debt securities— 4,976 — 4,976 
Short-term investments:
U.S. Treasury and government securities— 36,070 — 36,070 
Corporate debt securities— 11,550 — 11,550 
Total cash equivalents and investments$— $94,573 $— $94,573 
As of December 31, 2025:
(in thousands)Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$— $57,282 $— $57,282 
U.S. Treasury and government securities— 2,739 — 2,739 
Corporate debt securities— 2,698 — 2,698 
Short-term investment:
U.S. Treasury and government securities— 78,152 — 78,152 
Corporate debt securities— 36,496 — 36,496 
Total cash equivalents and investments$— $177,367 $— $177,367 
The Company classifies its investments as short-term based on each instrument’s underlying contractual maturity date. The fair value of investments classified as Level 2 are valued using observable inputs to quoted market prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency.
Investments in Debt Securities
Unrealized gains and losses of investments in debt securities consisted of the following:
As of June 30, 2026:
(in thousands)Amortized CostUnrealized GainsUnrealized LossesFair Value
Short-term investments in debt securities:
U.S. Treasury and government securities$36,074 $— $(4)$36,070 
Corporate debt securities11,555 — (5)11,550 
Total short-term investments in debt securities$47,629 $— $(9)$47,620 
As of December 31, 2025:
(in thousands)Amortized CostUnrealized GainsUnrealized LossesFair Value
Short-term investments in debt securities:
U.S. Treasury and government securities$78,074 $78 $— $78,152 
Corporate debt securities36,492 7 (3)36,496 
Total short-term investments in debt securities$114,566 $85 $(3)$114,648 
The contractual maturities of the Company’s investments in debt securities were as follows:
(in thousands)June 30,
2026		December 31,
2025
Due within one year$47,620 $114,648 
Investments in unrealized loss positions consisted of the following:
As of June 30, 2026:
(in thousands, except number of securities)Number of SecuritiesFair ValueGross Unrealized Losses
Investments in continuous loss position for less than 12 months:
U.S. Treasury and government securities9 $17,582 $(4)
Corporate debt securities13 $11,550 $(5)
Based on factors such as historical experience, market data, issuer-specific factors, and current economic conditions, the Company did not record an allowance for credit losses as of June 30, 2026 related to these investments. Further, given the lack of significant change in the credit risk, the Company does not consider these investments to be impaired.