v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
4.
Fair Value Measurements

In determining the fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the unobservable inputs to the extent possible, as well as considers counterparty credit risk in its assessments of fair value.

Fair Value of Assets and Liabilities

The following tables represent the Company’s financial assets and liabilities according to the fair value hierarchy, measured at fair value (in thousands):

 

June 30, 2026

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

28,979

 

 

$

—

 

 

$

—

 

 

$

28,979

 

Marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills

 

 

5,937

 

 

 

42,229

 

 

 

—

 

 

 

48,166

 

U.S. Notes and Bonds

 

 

—

 

 

 

48,432

 

 

 

—

 

 

 

48,432

 

Total assets, at fair value

 

$

34,916

 

 

$

90,661

 

 

$

—

 

 

$

125,577

 

 

December 31, 2025

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

34,918

 

 

$

—

 

 

$

—

 

 

$

34,918

 

Marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills

 

 

7,900

 

 

 

53,329

 

 

 

—

 

 

 

61,229

 

U.S. Notes and Bonds

 

 

—

 

 

 

57,556

 

 

 

—

 

 

 

57,556

 

Total assets, at fair value

 

$

42,818

 

 

$

110,885

 

 

$

—

 

 

$

153,703

 

 

The carrying amount of the Company’s notes payable is carried at amortized cost and approximates its fair value.

 

The fair value and amortized cost of Level 1 and 2 available-for-sale marketable securities as of June 30, 2026 and December 31, 2025 are presented in the following table (in thousands):

 

June 30, 2026

 

Amortized Cost Basis

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

U.S. Treasury bills

 

$

48,223

 

 

$

—

 

 

$

(57

)

 

$

48,166

 

U.S. Notes and Bonds

 

 

48,467

 

 

 

4

 

 

 

(39

)

 

 

48,432

 

Total marketable securities

 

$

96,690

 

 

$

4

 

 

$

(96

)

 

$

96,598

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

Amortized Cost Basis

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

U.S. Treasury bills

 

$

61,178

 

 

$

51

 

 

$

—

 

 

$

61,229

 

U.S. Notes and Bonds

 

 

57,448

 

 

 

108

 

 

 

—

 

 

 

57,556

 

Total marketable securities

 

$

118,626

 

 

$

159

 

 

$

—

 

 

$

118,785

 

 

The fair value of available-for-sale marketable securities by contractual maturities as of June 30, 2026 are presented in the following table (in thousands):

 

 

 

June 30,

 

 

 

2026

 

Due in less than one year

 

$

96,598

 

Due in one to two years

 

 

—

 

Total marketable securities

 

$

96,598

 

 

Cash equivalents are comprised of Level 1 financial instruments of money market fund investments. Level 1 financial instruments are comprised of cash equivalents and certain U.S. Treasury bills. Level 2 financial instruments are comprised of certain U.S. Treasury bills and U.S. Notes and Bonds. The Company's valuation technique used to measure the fair value of money market funds and Level 1 U.S. Treasury bills is derived from quoted prices in active markets for identical assets or liabilities. The fair value of Level 2 financial instruments is derived using observable inputs other than quoted prices.