Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

The following table summarizes, for financial assets measured at fair value, the respective fair value and classification by level of input within the fair value hierarchy (in thousands):


	As of June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Level 1:
Cash equivalents(1)
Money market funds	$	23,863	$	—	$	—		$	23,863
Level 2:
Cash equivalents(1)
U.S. governmental and agency securities		4,327		—		—			4,327
Available-for-sale securities
U.S. governmental and agency securities		87,743		33		(170	)		87,606
Total	$	115,933	$	33	$	(170	)	$	115,796


	As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Level 1:
Cash equivalents(1)
Money market funds	$	44,348	$	—	$	—	$	44,348
Level 2:
Available-for-sale securities
U.S. governmental and agency securities		170,836		589		—		171,425
Total	$	215,184	$	589	$	—	$	215,773

(1)

Included as “Cash and cash equivalents” on the Company’s condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025, in addition to cash of $45.6 million and $36.8 million, respectively.

Contractual Maturities of Available-for-sale Securities

The fair value of the Company's available-for-sale securities as of June 30, 2026, by remaining contractual maturities, was as follows (in thousands):


	As of June 30, 2026
Due in one year or less	$	66,763
Due in greater than one year		20,843
Total	$	87,606