v3.26.1
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2026
Fair Value of Financial Instruments [Abstract]  
Fair Value of Financial Instruments

3. Fair Value of Financial Instruments

 

The following tables present the Company’s financial assets and liabilities that are measured and carried at fair value and indicate the level within the fair value hierarchy of valuation techniques it utilizes to determine such fair value. The accounting policies of fair value measurements are the same as those described in Part II, Item 8, “Financial Statements and Supplementary Data—Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K:

 

   As of June 30, 2026 
   Level 1   Level 2   Level 3   Total 
Cash and cash equivalents:                
Money market funds(a)  $16,565   $
     -
   $
   -
   $16,565 
Restricted cash, non-current:                    
Money market funds(b)   745    
-
    
-
    745 
Marketable debt securities:                    
Corporate bonds(c)   
-
    128,810    
-
    128,810 
Commercial paper(c)   
-
    10,962    
-
    10,962 
U.S. Treasury securities(c)   5,002    
-
    
-
    5,002 
Total  $22,312   $139,772   $
-
   $162,084 
   As of December 31, 2025 
   Level 1   Level 2   Level 3   Total 
Cash and cash equivalents:                
Money market funds(a)  $45,355   $
    -
   $
    -
   $45,355 
Corporate bonds(a)   
-
    3,704    
-
    3,704 
Restricted cash, non-current:                    
Money market funds(b)   745    
-
    
-
    745 
Marketable debt securities:                    
Corporate bonds(c)   
-
    125,682    
-
    125,682 
U.S. Treasury securities(c)   22,551    
-
    
-
    22,551 
Total  $68,651   $129,386   $
-
   $198,037 

 

(a) Money market funds and corporate bonds with original maturities of 90 days or less are included within cash and cash equivalents in the condensed consolidated balance sheets.

 

(b) Restricted money market funds are included within restricted cash, non-current in the condensed consolidated balance sheets.

 

(c) Corporate bonds, commercial paper and U.S. Treasury securities with original maturities greater than 90 days are included within marketable debt securities in the condensed consolidated balance sheets and classified as current or non-current based upon whether the maturity of the financial asset is less than or greater than 12 months.

 

Money market funds and U.S. Treasury securities are classified as Level 1 within the fair value hierarchy, because they are valued using quoted prices in active markets. Corporate bonds classified as Level 2 within the fair value hierarchy are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. Prices of these securities are obtained through independent, third-party pricing services and include market quotations that may include both observable and unobservable inputs. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. There were no transfers of financial instruments among Level 1, Level 2, and Level 3 during the period presented.

 

Cash and cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities at June 30, 2026 and December 31, 2025 are carried at amounts that approximate fair value due to their short-term maturities.