Fair Value Measurements and Fair Value of Financial Instruments (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Marketable Securities Classified as Available-for-sale Securities |
Marketable securities, all of which are classified as available-for-sale securities, consisted of the following at June 30, 2026 and December 31, 2025 (in thousands):
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June 30, 2026 |
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Amortized |
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Unrealized |
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Unrealized |
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Estimated |
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Cost |
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Gains |
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Losses |
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Fair Value |
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Asset-backed securities |
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$ |
2,510 |
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$ |
— |
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$ |
(1 |
) |
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$ |
2,509 |
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Commercial paper |
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|
1,738 |
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|
— |
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— |
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|
1,738 |
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Corporate debt securities |
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|
1,000 |
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— |
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— |
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|
1,000 |
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Total |
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$ |
5,248 |
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$ |
— |
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$ |
(1 |
) |
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$ |
5,247 |
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December 31, 2025 |
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Amortized |
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Unrealized |
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Unrealized |
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Estimated |
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Cost |
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Gains |
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Losses |
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Fair Value |
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Asset-backed securities |
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$ |
5,334 |
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$ |
6 |
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$ |
— |
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$ |
5,340 |
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U.S. treasury securities |
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|
991 |
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1 |
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— |
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|
992 |
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Other agency securities |
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|
995 |
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— |
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— |
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|
995 |
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Commercial paper |
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|
7,682 |
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1 |
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— |
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7,683 |
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Corporate debt securities |
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|
5,128 |
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1 |
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— |
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5,129 |
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Total |
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$ |
20,130 |
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$ |
9 |
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$ |
— |
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$ |
20,139 |
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| Schedule of Gross Unrealized Losses and Fair Value of Company's Available-for-Sale Securities |
The tables below show the gross unrealized losses and fair value of the Company's available-for-sale securities with unrealized losses that are not deemed to have credit losses (in thousands), aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2026 and December 31, 2025, respectively:
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June 30, 2026 |
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Less Than 12 Months |
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More Than 12 Months |
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Total |
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Estimated |
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Unrealized |
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Estimated |
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Unrealized |
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Estimated |
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Unrealized |
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Fair Value |
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Losses |
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Fair Value |
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Losses |
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Fair Value |
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Losses |
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Asset-backed securities |
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$ |
2,000 |
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$ |
— |
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$ |
509 |
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$ |
(1 |
) |
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$ |
2,509 |
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$ |
(1 |
) |
Commercial paper |
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|
1,738 |
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— |
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— |
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— |
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1,738 |
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|
— |
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Corporate debt securities |
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|
1,000 |
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— |
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— |
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— |
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1,000 |
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— |
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Total |
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$ |
4,738 |
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$ |
— |
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$ |
509 |
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$ |
(1 |
) |
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$ |
5,247 |
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$ |
(1 |
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December 31, 2025 |
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Less Than 12 Months |
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More Than 12 Months |
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Total |
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Estimated |
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Unrealized |
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Estimated |
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|
Unrealized |
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Estimated |
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Unrealized |
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Fair Value |
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Losses |
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Fair Value |
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|
Losses |
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|
Fair Value |
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Losses |
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Asset-backed securities |
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$ |
1,003 |
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$ |
— |
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$ |
4,337 |
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$ |
— |
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$ |
5,340 |
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|
$ |
— |
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U.S. treasury securities |
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|
992 |
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|
— |
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|
— |
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|
|
— |
|
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|
992 |
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|
|
— |
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Other agency securities |
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|
995 |
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— |
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— |
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— |
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|
995 |
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|
|
— |
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Commercial paper |
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|
7,683 |
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— |
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|
— |
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— |
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|
7,683 |
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|
— |
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Corporate debt securities |
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|
5,129 |
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— |
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— |
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— |
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5,129 |
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— |
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Total |
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$ |
15,802 |
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$ |
— |
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$ |
4,337 |
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$ |
— |
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$ |
20,139 |
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$ |
— |
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| Schedule of Fair Values of Assets Measured at Fair Value on Recurring Basis |
As of June 30, 2026 and December 31, 2025, the fair values of the Company’s assets, which are measured at fair value on a recurring basis, were determined using the following inputs (in thousands):
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June 30, 2026 |
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Total |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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Money market funds |
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$ |
11,110 |
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$ |
11,110 |
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$ |
— |
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$ |
— |
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Asset-backed securities |
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|
2,509 |
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— |
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|
2,509 |
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|
|
— |
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Commercial paper |
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|
1,738 |
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|
|
— |
|
|
|
1,738 |
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|
|
— |
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Corporate debt securities |
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|
1,000 |
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|
|
— |
|
|
|
1,000 |
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|
|
— |
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Total |
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$ |
16,357 |
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$ |
11,110 |
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$ |
5,247 |
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$ |
— |
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December 31, 2025 |
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Total |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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Money market funds |
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$ |
7,755 |
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$ |
7,755 |
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$ |
— |
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$ |
— |
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Asset-backed securities |
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|
5,340 |
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|
|
— |
|
|
|
5,340 |
|
|
|
— |
|
U.S. treasury securities |
|
|
992 |
|
|
|
992 |
|
|
|
— |
|
|
|
— |
|
Other agency securities |
|
|
995 |
|
|
|
— |
|
|
|
995 |
|
|
|
— |
|
Commercial paper |
|
|
7,683 |
|
|
|
— |
|
|
|
7,683 |
|
|
|
— |
|
Corporate debt securities |
|
|
5,129 |
|
|
|
— |
|
|
|
5,129 |
|
|
|
— |
|
Total |
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$ |
27,894 |
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|
$ |
8,747 |
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$ |
19,147 |
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|
$ |
— |
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|