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

5. FAIR VALUE MEASUREMENTS

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands):

 

 

June 30, 2026

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

24,525

 

 

$

—

 

 

$

—

 

 

$

24,525

 

Restricted cash equivalents

 

 

986

 

 

 

—

 

 

 

—

 

 

 

986

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Treasury bills

 

 

94,656

 

 

 

—

 

 

 

—

 

 

 

94,656

 

Treasury notes

 

 

98,910

 

 

 

—

 

 

 

—

 

 

 

98,910

 

Commercial paper

 

 

—

 

 

 

7,868

 

 

 

—

 

 

 

7,868

 

Total marketable securities

 

 

193,566

 

 

 

7,868

 

 

 

—

 

 

 

201,434

 

Total financial assets

 

$

219,077

 

 

$

7,868

 

 

$

—

 

 

$

226,945

 

 

 

December 31, 2025

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

207,599

 

 

$

—

 

 

$

—

 

 

$

207,599

 

Restricted cash equivalents

 

 

985

 

 

 

—

 

 

 

—

 

 

 

985

 

Treasury bills

 

 

90,328

 

 

 

—

 

 

 

—

 

 

 

90,328

 

Total financial assets

 

$

298,912

 

 

$

—

 

 

$

—

 

 

$

298,912

 

 

The Company classifies its cash equivalents, treasury bills, and treasury notes as Level 1 assets under the fair value hierarchy, as these assets have been valued using quoted market prices for identical assets in active markets without any valuation adjustment. The Company classifies its commercial paper as Level 2 assets under the fair value hierarchy, as these assets have been valued using information obtained through a third-party pricing service at each balance sheet date, using observable market inputs that may include trade information, broker or dealer quotes, bids, offers, or a combination of these data sources.