v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3. Fair Value Measurements

 

The following tables present information about the Company’s financial assets that have been measured at fair value as of June 30, 2026 and December 31, 2025, and indicate the fair value of the hierarchy of the valuation inputs utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. All instruments held by the Company are Level 1. The following tables set forth marketable securities as of June 30, 2026 and December 31, 2025 (in thousands):

 

 

As of June 30, 2026

 

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Total

 

U.S. Treasury notes

 

 

94,562

 

 

 

—

 

 

 

(88

)

 

 

94,474

 

Total

 

$

94,562

 

 

$

—

 

 

$

(88

)

 

$

94,474

 

 

 

As of December 31, 2025

 

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Total

 

U.S. Treasury notes

 

 

87,903

 

 

 

39

 

 

 

—

 

 

 

87,942

 

Total

 

$

87,903

 

 

$

39

 

 

$

—

 

 

$

87,942

 

 

The following tables set forth the fair value of the Company’s financial assets measured at fair value on a recurring basis and indicate the level within the fair value hierarchy utilized to determine such values as of June 30, 2026 and December 31, 2025 (in thousands):

 

 

 

As of June 30, 2026

 

 

 

Total

 

 

Level 1

 

Cash Equivalents:

 

 

 

 

 

 

U.S. Treasury-backed money market funds

 

$

20,984

 

 

$

20,984

 

Marketable Securities:

 

 

 

 

 

 

U.S. Treasury notes

 

 

94,474

 

 

 

94,474

 

Total

 

$

115,458

 

 

$

115,458

 

 

 

 

As of December 31, 2025

 

 

 

Total

 

 

Level 1

 

Cash Equivalents:

 

 

 

 

 

 

U.S. Treasury-backed money market funds

 

$

58,147

 

 

$

58,147

 

Marketable Securities:

 

 

 

 

 

 

U.S. Treasury notes

 

$

87,942

 

 

$

87,942

 

Total

 

$

146,089

 

 

$

146,089

 

 

Money market funds are highly liquid investments that are valued based on quoted market prices in active markets, which represent a Level 1 measurement within the fair value hierarchy. These money market funds are classified on the consolidated balance sheets under cash and cash equivalents.

The following table summarizes the scheduled maturity for the Company's marketable securities for the period presented (in thousands):

 

 

 

June 30,
2026

 

Maturing in one year or less

 

$

94,474

 

Total

 

$

94,474