v3.26.1
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
The Company’s cash equivalents consist of money market funds and highly liquid investments with original maturities of 90 days or less from the date of purchase. The Company classifies cash equivalents and short-term investments within Level 1 or Level 2 of the fair value hierarchy.
The following tables present the Company’s cash equivalents and short-term investments by significant investment category and fair value level as of June 30, 2026 and December 31, 2025 (in thousands):
June 30, 2026
CostGross Unrealized GainsGross Unrealized LossesFair Value
Level 1:
Money market funds$29,390 $— $— $29,390 
U.S. government securities137,017 1 (113)136,905 
Level 2:
Corporate paper90,801 — (90)90,711 
Total$257,208 $1 $(203)$257,006 
December 31, 2025
CostGross Unrealized GainsGross Unrealized LossesFair Value
Level 1:
Money market funds$35,710 $— $— $35,710 
U.S. government securities136,310 125 — 136,435 
Level 2:
Corporate paper90,701 43 (10)90,734 
Total$262,721 $168 $(10)$262,879 
There have been no transfers of assets between fair value levels during the periods presented. The carrying values of other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.