| Fair Value Measurements |
3. Fair value measurements Assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted Prices |
|
|
Significant |
|
|
|
|
|
|
|
|
|
|
|
in Active |
|
|
Other |
|
|
Significant |
|
|
|
|
|
|
|
Markets for |
|
|
Observable |
|
|
Unobservable |
|
|
|
|
|
|
|
Identical Assets |
|
|
Inputs |
|
|
Inputs |
|
Assets |
|
Total |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
June 30, 2026 |
|
(in thousands) |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
|
24,548 |
|
|
$ |
|
24,548 |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury notes |
|
|
|
39,931 |
|
|
|
|
39,931 |
|
|
|
|
— |
|
|
|
|
— |
|
U.S. Government agency securities |
|
|
|
23,940 |
|
|
|
|
23,940 |
|
|
|
|
— |
|
|
|
|
— |
|
Corporate bonds |
|
|
|
43,371 |
|
|
|
|
— |
|
|
|
|
43,371 |
|
|
|
|
— |
|
Commercial paper |
|
|
|
5,803 |
|
|
|
|
— |
|
|
|
|
5,803 |
|
|
|
|
— |
|
Total cash equivalents and marketable securities |
|
$ |
|
137,593 |
|
|
$ |
|
88,419 |
|
|
$ |
|
49,174 |
|
|
$ |
|
— |
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
|
51,161 |
|
|
$ |
|
51,161 |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
Commercial paper |
|
|
|
3,477 |
|
|
|
|
— |
|
|
|
|
3,477 |
|
|
|
|
— |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury notes |
|
|
|
72,805 |
|
|
|
|
72,805 |
|
|
|
|
— |
|
|
|
|
— |
|
U.S. Government agency securities |
|
|
|
15,387 |
|
|
|
|
15,387 |
|
|
|
|
— |
|
|
|
|
— |
|
Corporate bonds |
|
|
|
44,260 |
|
|
|
|
— |
|
|
|
|
44,260 |
|
|
|
|
— |
|
Commercial paper |
|
|
|
3,939 |
|
|
|
|
— |
|
|
|
|
3,939 |
|
|
|
|
— |
|
Total cash equivalents and marketable securities |
|
$ |
|
191,029 |
|
|
$ |
|
139,353 |
|
|
$ |
|
51,676 |
|
|
$ |
|
— |
|
The Company measures the fair value of money market funds, U.S. Treasury notes and U.S. Government agency securities based on quoted prices in active markets for identical securities. The Company measures the fair value of the Level 2 securities, including corporate bonds and commercial paper, based on recent trades of securities in inactive markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data.
|