Fair Value Measurements |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The Company uses the following hierarchy to classify inputs used in measuring fair value: Level 1Quoted prices in active markets for identical assets or liabilities. Level 2Observable inputs other than Level 1 Level 3Unobservable inputs The Company measures fair value using the market approach based on observable market data for identical or comparable instruments. The following table summarizes the Company’s financial assets (cash equivalents and marketable securities) that are measured at fair value on a recurring basis, all of which are classified within Level 1 of the fair value hierarchy:
There were no liabilities measured at fair value on a recurring and non-recurring basis as of June 30, 2026 and December 31, 2025. The money market funds are highly liquid and primarily invest in short-term fixed income securities issued by the U.S. government and U.S. government agencies. The fixed income mutual fund is a short-term investment which primarily invests in debt securities issued by the U.S. government and U.S. government agencies and corporate bonds and notes. Interest income from short-term investments is recorded in interest income. During the three months ended June 30, 2026 and 2025, the Company recognized less than $0.1 million in unrealized losses and less than $0.1 million in unrealized gains from its short-term investments, respectively. During the six months ended June 30, 2026 and 2025, the Company recognized $0.2 million and less than $0.1 million in unrealized losses from its short-term investments, respectively. The Company’s short-term investments had a cumulative unrealized net loss of less than $0.1 million and a cumulative unrealized net gain of $0.2 million as of June 30, 2026 and December 31, 2025, respectively.
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