| Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis |
As of June 30, 2026, and December 31, 2025, the fair value of the Company’s financial assets that are measured at fair value on a recurring basis, which consist of cash equivalents and marketable securities classified as available-for-sale, are categorized in the table below based upon the lowest level of significant input to the valuations:
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June 30, 2026 |
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(in thousands) |
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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 |
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$ |
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11,993 |
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$ |
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— |
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$ |
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— |
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$ |
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11,993 |
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Money market funds |
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36,701 |
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— |
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— |
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36,701 |
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Commercial paper |
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— |
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81,607 |
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— |
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81,607 |
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Corporate bonds |
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— |
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98,378 |
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— |
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98,378 |
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U.S. government treasury bills |
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189,643 |
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— |
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— |
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189,643 |
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Government-sponsored enterprise securities |
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— |
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42,844 |
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— |
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42,844 |
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Total |
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$ |
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238,337 |
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$ |
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222,829 |
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$ |
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— |
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$ |
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461,166 |
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December 31, 2025 |
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(in thousands) |
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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 |
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$ |
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16,007 |
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$ |
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— |
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$ |
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— |
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$ |
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16,007 |
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Money market funds |
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30,866 |
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— |
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— |
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30,866 |
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Commercial paper |
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— |
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102,193 |
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— |
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102,193 |
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Corporate bonds |
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— |
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81,607 |
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81,607 |
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U.S. government treasury bills |
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233,938 |
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— |
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— |
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233,938 |
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Government-sponsored enterprise securities |
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— |
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41,029 |
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— |
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41,029 |
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Total |
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$ |
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280,811 |
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$ |
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224,829 |
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$ |
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— |
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$ |
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505,640 |
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| Schedule of Financial Assets Reconciliation |
The amortized cost and fair value of cash equivalents and investments as of June 30, 2026 and December 31, 2025 were as follows:
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June 30, 2026 |
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Gross |
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Gross |
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Amortized |
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Unrealized |
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Unrealized |
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Estimated |
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(in thousands) |
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Cost |
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Gains |
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Losses |
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Fair Value |
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Financial Assets |
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Cash and cash equivalents |
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$ |
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48,694 |
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$ |
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— |
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$ |
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— |
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$ |
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48,694 |
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Short-term marketable securities (<12 months to maturity) |
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286,463 |
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48 |
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(438 |
) |
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286,073 |
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Long-term marketable securities (>12 months to maturity) |
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126,935 |
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— |
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(536 |
) |
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126,399 |
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Total |
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$ |
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462,092 |
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$ |
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48 |
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$ |
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(974 |
) |
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$ |
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461,166 |
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December 31, 2025 |
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Gross |
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Gross |
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Amortized |
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Unrealized |
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Unrealized |
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Estimated |
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(in thousands) |
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Cost |
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Gains |
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Losses |
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Fair Value |
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Financial Assets |
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Cash and cash equivalents |
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$ |
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48,503 |
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$ |
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— |
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$ |
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— |
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$ |
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48,503 |
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Short-term marketable securities (<12 months to maturity) |
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300,243 |
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501 |
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(12 |
) |
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300,732 |
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Long-term marketable securities (>12 months to maturity) |
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156,273 |
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160 |
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(28 |
) |
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156,405 |
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Total |
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$ |
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505,019 |
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$ |
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661 |
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$ |
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(40 |
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$ |
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505,640 |
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