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

4. Fair Value Measurements

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine the fair value (in thousands):

 

 

 

June 30, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

    Money market funds

 

$

104,762

 

 

$

—

 

 

$

—

 

 

$

104,762

 

Current investments:

 

 

 

 

 

 

 

 

 

 

 

 

    U.S. treasury securities

 

 

—

 

 

 

111,361

 

 

 

—

 

 

 

111,361

 

    U.S. government-sponsored agency securities

 

 

8,294

 

 

 

52,505

 

 

 

—

 

 

 

60,799

 

    Commercial paper

 

 

—

 

 

 

3,939

 

 

 

—

 

 

 

3,939

 

    Corporate debt securities

 

 

164,191

 

 

 

13,665

 

 

 

—

 

 

 

177,856

 

Total

 

$

277,247

 

 

$

181,470

 

 

$

—

 

 

$

458,717

 

 

 

 

 

December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

    Money market funds

 

$

87,989

 

 

$

—

 

 

$

—

 

 

$

87,989

 

Current investments:

 

 

 

 

 

 

 

 

 

 

 

 

    U.S. treasury securities

 

 

—

 

 

 

54,927

 

 

 

—

 

 

 

54,927

 

    U.S. government-sponsored agency securities

 

 

14,024

 

 

 

47,290

 

 

 

—

 

 

 

61,314

 

    Commercial paper

 

 

—

 

 

 

8,907

 

 

 

—

 

 

 

8,907

 

    Corporate debt securities

 

 

109,075

 

 

 

13,497

 

 

 

—

 

 

 

122,572

 

Total

 

$

211,088

 

 

$

124,621

 

 

$

—

 

 

$

335,709

 

 

As of June 30, 2026 and December 31, 2025, cash equivalents consist of money market funds, which were valued by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy.

 

Additionally, as of June 30, 2026 and December 31, 2025, the Company had current investments including corporate debt securities, and certain U.S. government-sponsored agency securities, which represent a Level 1 measurement within the fair value hierarchy. Furthermore, the Company has commercial paper, U.S. treasury securities, corporate debt securities, and certain U.S. government-sponsored agency securities which were valued by the Company based on observable inputs, which represent a Level 2 measurement within the fair value hierarchy.

 

For the six months ended June 30, 2026, there were no transfers of assets or liabilities into or out of Level 3 of the fair value hierarchy.