| Summary of Financial Instruments Measured at Fair Value on Recurring Basis by Level Within Fair Value Hierarchy |
The following tables summarize the Company's financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):
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June 30, 2026 |
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Valuation Hierarchy |
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Amortized
Cost |
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Unrealized
Losses |
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Unrealized
Gains |
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Estimated
Fair Value |
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Assets: |
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Short-term investments: |
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Corporate debt securities |
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Level 2 |
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$ |
95,235 |
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$ |
(98 |
) |
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$ |
9 |
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$ |
95,146 |
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Commercial paper |
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Level 2 |
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4,215 |
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— |
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— |
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4,215 |
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U.S. Treasury securities |
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Level 2 |
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50,699 |
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(53 |
) |
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7 |
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50,653 |
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U.S. government agency securities |
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Level 2 |
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7,794 |
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(3 |
) |
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1 |
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7,792 |
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Total short-term investments |
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157,943 |
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(154 |
) |
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17 |
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157,806 |
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Long-term investments: |
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Corporate debt securities |
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Level 2 |
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$ |
47,354 |
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$ |
(205 |
) |
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$ |
— |
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$ |
47,149 |
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U.S. government agency securities |
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Level 2 |
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10,605 |
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(83 |
) |
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— |
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10,522 |
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Total long-term investments |
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57,959 |
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(288 |
) |
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— |
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57,671 |
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Total investments |
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215,902 |
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(442 |
) |
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17 |
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215,477 |
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Cash equivalents: |
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Money market funds |
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Level 1 |
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$ |
23,960 |
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Total Cash equivalents |
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$ |
23,960 |
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December 31, 2025 |
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Valuation Hierarchy |
|
Amortized
Cost |
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Unrealized
Losses |
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Unrealized
Gains |
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Estimated
Fair Value |
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Assets: |
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Short-term investments: |
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Corporate debt securities |
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Level 2 |
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$ |
134,582 |
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$ |
(4 |
) |
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$ |
269 |
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$ |
134,847 |
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Commercial paper |
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Level 2 |
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25,952 |
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— |
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— |
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25,952 |
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U.S. Treasury securities |
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Level 2 |
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66,753 |
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— |
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96 |
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66,849 |
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U.S. government agency securities |
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Level 2 |
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8,970 |
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— |
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27 |
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8,997 |
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Total short-term investments |
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236,257 |
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(4 |
) |
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392 |
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236,645 |
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Long-term investments: |
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Corporate debt securities |
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Level 2 |
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$ |
11,757 |
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$ |
(3 |
) |
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$ |
5 |
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$ |
11,759 |
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U.S. Treasury securities |
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Level 2 |
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4,013 |
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— |
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16 |
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4,029 |
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U.S. government agency securities |
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Level 2 |
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318 |
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— |
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1 |
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319 |
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Total long-term investments |
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16,088 |
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(3 |
) |
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22 |
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16,107 |
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Total investments |
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252,345 |
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(7 |
) |
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414 |
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252,752 |
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Cash equivalents: |
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Money market funds |
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Level 1 |
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$ |
33,869 |
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Commercial paper |
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Level 2 |
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5,264 |
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Total cash equivalents |
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$ |
39,133 |
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