Quoted Prices in
Active Markets for
Identical Assets
(Level 1)

Significant
Other
Observable
Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

Total

As of June 30, 2026

Cash equivalents:

U.S. Treasury money market funds

$

40,591

$

—

$

—

$

40,591

Short-term investments:

U.S. government securities

131,234

—

—

131,234

Current liabilities:

Royalty purchase and sale agreement derivative

—

—

385

385

As of December 31, 2025

Cash equivalents:

U.S. Treasury money market funds

$

32,210

$

—

$

—

$

32,210

Short-term investments:

U.S. government securities

202,522

—

—

202,522

Current liabilities:

Royalty purchase and sale agreement derivative

—

—

362

362