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 table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis and indicates their respective levels within the fair value hierarchy (in thousands):

 

 

 

 

AS OF JUNE 30, 2026

 

 

CLASSIFICATION

 

TOTAL

 

 

LEVEL 1

 

 

LEVEL 2

 

 

LEVEL 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

Cash and cash equivalents

 

$

292,119

 

 

$

292,119

 

 

$

—

 

 

$

—

 

Commercial paper

 

Short-term investments

 

 

12,346

 

 

 

—

 

 

 

12,346

 

 

 

—

 

Government and government agency bonds

 

Short-term investments

 

 

16,335

 

 

 

—

 

 

 

16,335

 

 

 

—

 

Corporate debt obligations

 

Short-term investments

 

 

19,259

 

 

 

—

 

 

 

19,259

 

 

 

—

 

Total assets

 

 

 

$

340,059

 

 

$

292,119

 

 

$

47,940

 

 

$

—

 

 

 

 

 

AS OF DECEMBER 31, 2025

 

 

CLASSIFICATION

 

TOTAL

 

 

LEVEL 1

 

 

LEVEL 2

 

 

LEVEL 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

Cash and cash equivalents

 

$

24,209

 

 

$

24,209

 

 

$

—

 

 

$

—

 

Commercial paper

 

Short-term investments

 

 

15,918

 

 

 

—

 

 

 

15,918

 

 

 

—

 

Government and government agency bonds

 

Short-term investments

 

 

43,407

 

 

 

—

 

 

 

43,407

 

 

 

—

 

Corporate debt obligations

 

Short-term investments

 

 

21,982

 

 

 

—

 

 

 

21,982

 

 

 

—

 

Total assets

 

 

 

$

105,516

 

 

$

24,209

 

 

$

81,307

 

 

$

—

 

 

The carrying amounts of all cash and cash equivalents, accounts receivable, other receivables, prepaid and other current assets, accounts payable, and accrued expenses are considered to be representative of their respective fair values because of the short-term nature of those instruments.

Short-Term Investments

The Company’s assets with a fair value categorized as Level 2 within the fair value hierarchy consist of commercial paper, government and government agency bonds, and corporate debt obligations. These assets have been initially valued at the transaction price and subsequently valued at the end of each reporting period utilizing third-party pricing services. The pricing services utilize industry standard valuation models whereby all significant inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, or other market-related data, are observable.