Fair Value Measurements and Financial Instruments (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis |
The following tables present the fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 (in thousands):
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June 30, 2026 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Financial assets: |
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Cash equivalents |
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|
|
|
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|
|
|
|
|
|
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Money market funds(1) |
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$ |
27,543 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
27,543 |
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Short-term investments |
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|
|
|
|
|
|
|
|
|
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Available-for-sale securities |
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US government agency securities |
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— |
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1,990 |
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|
|
— |
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|
1,990 |
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Corporate debt securities |
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|
— |
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13,485 |
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— |
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13,485 |
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Commercial paper |
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— |
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1,976 |
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|
|
— |
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|
|
1,976 |
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Total financial assets |
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$ |
27,543 |
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$ |
17,451 |
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$ |
— |
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$ |
44,994 |
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Financial liabilities: |
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Warrant liability, noncurrent |
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$ |
— |
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$ |
— |
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$ |
2,741 |
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$ |
2,741 |
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Total financial liabilities |
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$ |
— |
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$ |
— |
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$ |
2,741 |
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$ |
2,741 |
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December 31, 2025 (As Recast) |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Financial assets: |
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Cash equivalents |
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|
|
|
|
|
|
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|
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Money market funds(1) |
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$ |
25,043 |
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|
$ |
— |
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$ |
— |
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$ |
25,043 |
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Short-term investments |
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|
|
|
|
|
|
|
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Available-for-sale securities |
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US government agency securities |
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— |
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2,000 |
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— |
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2,000 |
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Corporate debt securities |
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— |
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23,146 |
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— |
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23,146 |
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Commercial paper |
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— |
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2,939 |
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— |
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2,939 |
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Total financial assets |
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$ |
25,043 |
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$ |
28,085 |
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$ |
— |
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$ |
53,128 |
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Financial liabilities: |
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Warrant liability, noncurrent |
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$ |
— |
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|
$ |
— |
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$ |
2,961 |
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$ |
2,961 |
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Total financial liabilities |
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$ |
— |
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$ |
— |
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$ |
2,961 |
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$ |
2,961 |
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(1)Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets.
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| Summary of Assumptions to Fair Value of Warrant Liability Based on Black-Scholes Option Pricing Model |
The fair value of the warrant liability is estimated based on the Black-Scholes option-pricing model using the following weighted-average assumptions:
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June 30, 2026 |
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December 31, 2025 (As Recast) |
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Share price |
$ |
6.59 |
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$ |
7.06 |
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Exercise price |
$ |
4,915.00 |
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$ |
4,915.00 |
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Dividend yield |
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— |
% |
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|
— |
% |
Risk-free interest |
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4.23 |
% |
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|
3.93 |
% |
Term (years) |
7.33 |
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|
7.83 |
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Expected volatility |
|
84.00 |
% |
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|
81.00 |
% |
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| Changes in Estimated Fair Value of Level 3 Financial Assets and Liabilities |
The following table sets forth the changes in the estimated fair value of the Company’s Level 3 financial liabilities (in thousands):
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Warrant liability |
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Balance at December 31, 2025 (As Recast) |
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$ |
2,961 |
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Changes in fair value |
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(220 |
) |
Balance at June 30, 2026 |
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$ |
2,741 |
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| Cash Equivalents and Held-to-maturity Debt Securities |
Cash equivalents, available-for-sale, and held-to-maturity debt securities consisted of the following (in thousands):
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June 30, 2026 |
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Amortized
cost |
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Gross
unrealized
gains |
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Gross
unrealized
losses |
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Estimated
fair
value |
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Money market funds (cash equivalents) |
|
$ |
27,543 |
|
|
$ |
— |
|
|
$ |
— |
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|
$ |
27,543 |
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Short-term bank deposits |
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|
14,058 |
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— |
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— |
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|
14,058 |
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Long-term certificates of deposit |
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|
28,444 |
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— |
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— |
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|
28,444 |
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Short-term investments (available-for-sale securities) |
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|
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US government agency securities |
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|
2,000 |
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— |
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(10 |
) |
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|
1,990 |
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Corporate debt securities |
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|
13,351 |
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|
134 |
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— |
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|
13,485 |
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Commercial paper |
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|
1,978 |
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— |
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(2 |
) |
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|
1,976 |
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Total financial assets |
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$ |
87,374 |
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|
$ |
134 |
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$ |
(12 |
) |
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$ |
87,496 |
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Classified as: |
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Cash and cash equivalents |
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$ |
27,543 |
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Short-term bank deposits |
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|
14,058 |
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Long-term certificates of deposit |
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28,444 |
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Short-term investments |
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|
|
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|
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|
17,451 |
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Total financial assets |
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$ |
87,496 |
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December 31, 2025 (As Recast) |
|
Amortized
cost |
|
|
Gross
unrealized
gains |
|
|
Gross
unrealized
losses |
|
|
Estimated
fair
value |
|
Money market funds (cash equivalents) |
|
$ |
25,043 |
|
|
$ |
— |
|
|
$ |
— |
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|
$ |
25,043 |
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Short-term bank deposits |
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|
15,355 |
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|
— |
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|
— |
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|
15,355 |
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Long-term certificates of deposit |
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|
23,516 |
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|
— |
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|
— |
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|
23,516 |
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Short-term investments (available-for-sale securities) |
|
|
|
|
|
|
|
|
|
|
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US government agency securities |
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|
2,000 |
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|
— |
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|
— |
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|
2,000 |
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Corporate debt securities |
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|
22,866 |
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|
280 |
|
|
|
— |
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|
23,146 |
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Commercial paper |
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|
2,939 |
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|
— |
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|
— |
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|
2,939 |
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Total financial assets |
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$ |
91,719 |
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|
$ |
280 |
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|
$ |
— |
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$ |
91,999 |
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Classified as: |
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Cash and cash equivalents |
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|
|
|
|
|
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$ |
25,043 |
|
Short-term bank deposits |
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|
|
|
|
|
|
|
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|
15,355 |
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Long-term certificates of deposit |
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|
|
|
|
|
|
|
|
|
|
23,516 |
|
Short-term investments |
|
|
|
|
|
|
|
|
|
|
|
28,085 |
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Total financial assets |
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$ |
91,999 |
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| Summary of Fair Value and Amortized Cost of Held-to-maturity Debt Securities by Redemption Date |
The fair value and amortized cost of the Company's held-to-maturity debt securities by redemption date were as follows:
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June 30, 2026 |
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Amortized Cost |
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Fair Value |
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Due in one year |
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$ |
14,058 |
|
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$ |
14,058 |
|
Due in one to five years |
|
|
28,444 |
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|
28,444 |
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Total |
|
$ |
42,502 |
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|
$ |
42,502 |
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