v3.26.1
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
4.
Fair value of financial instruments:

The fair value hierarchy consists of the following three levels:

•
Level 1 - Unadjusted quoted prices in active markets for identical instruments.
•
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).
•
Level 3 - Inputs are unobservable and reflect the Company’s assumptions as to what market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available.

The carrying amounts of cash and cash equivalents, other receivables, and accounts payable and accrued liabilities approximate their fair value due to the nature and short-term maturity of these instruments.

The following table summarizes the fair value hierarchy levels used to determine the fair values of the Company’s cash and cash equivalents and marketable securities:

 

 

 

June 30, 2026

 

 

December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market fund,
  mutual funds, commercial
  paper and U.S. treasuries

 

$

119,527

 

 

$

—

 

 

$

—

 

 

$

119,527

 

 

$

154,659

 

 

$

44,504

 

 

$

—

 

 

$

199,163

 

Total cash and cash equivalents

 

 

119,527

 

 

 

—

 

 

 

—

 

 

 

119,527

 

 

 

154,659

 

 

 

44,504

 

 

 

—

 

 

 

199,163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guaranteed investment
   certificates

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14,737

 

 

 

—

 

 

 

—

 

 

 

14,737

 

U.S. treasuries

 

 

369,255

 

 

 

—

 

 

 

—

 

 

 

369,255

 

 

 

142,593

 

 

 

—

 

 

 

—

 

 

 

142,593

 

Commercial paper

 

 

—

 

 

 

256,802

 

 

 

—

 

 

 

256,802

 

 

 

—

 

 

 

39,559

 

 

 

—

 

 

 

39,559

 

Corporate debt securities

 

 

—

 

 

 

499,513

 

 

 

—

 

 

 

499,513

 

 

 

—

 

 

 

189,986

 

 

 

—

 

 

 

189,986

 

Total marketable securities

 

 

369,255

 

 

 

756,315

 

 

 

—

 

 

 

1,125,570

 

 

 

157,330

 

 

 

229,545

 

 

 

—

 

 

 

386,875

 

Total

 

$

488,782

 

 

$

756,315

 

 

$

—

 

 

$

1,245,097

 

 

$

311,989

 

 

$

274,049

 

 

$

—

 

 

$

586,038

 

The fair values of the Company’s commercial paper and corporate debt securities are based on prices obtained from independent pricing sources. Securities with validated quotes from pricing services are reflected within Level 2, as they are primarily based on observable pricing for similar assets or other market observable inputs. Typical inputs used by these pricing services include, but are not limited to, reported trades, benchmark yields, issuer spreads, bids, offers or estimates of cash flow, prepayment spreads and default rates.

As of June 30, 2026 and December 31, 2025, the Company did not hold any securities classified as Level 3 and there were no securities transferred between Level 1 and Level 2.