v3.26.1
Fair value measurement
 6 Months Ended
Jun. 30, 2026
Fair value measurement  
Fair value measurement

3. Fair value measurement

The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

 

 

June 30, 2026

 

 

Level

 

Amortized Cost

 

 

Unrealized Gain

 

 

Unrealized Loss

 

 

Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

1

 

$

159,122

 

 

$

—

 

 

$

—

 

 

$

159,122

 

U.S. treasury securities

 

2

 

 

55,994

 

 

 

—

 

 

 

—

 

 

 

55,994

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

2

 

 

302,623

 

 

 

—

 

 

 

(333

)

 

 

302,290

 

Total financial assets

 

 

 

$

517,739

 

 

$

—

 

 

$

(333

)

 

$

517,406

 

 

 

December 31, 2025

 

 

Level

 

Amortized Cost

 

 

Unrealized Gain

 

 

Unrealized Loss

 

 

Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

1

 

$

652,112

 

 

$

—

 

 

$

—

 

 

$

652,112

 

Total financial assets

 

 

 

$

652,112

 

 

$

—

 

 

$

—

 

 

$

652,112

 

 

As of June 30, 2026, marketable securities had contractual maturities ranging from 5 to 11 months.

Accrued interest receivable on the Company's cash equivalents and marketable securities was $2.7 million and $1.3 million as of June 30, 2026 and December 31, 2025, respectively, and is included in prepaid expenses and other current assets on the condensed consolidated balance sheets. As of June 30, 2026, the Company considers the unrealized losses in its investment portfolio to be temporary in nature and not due to credit losses. The Company has the intent and ability to hold such marketable securities until their maturity at fair value. As a result, the Company did not record any charges for impairments for its marketable securities or accrued interest receivable for the six months June 30, 2026 and for the year ended December 31, 2025.