v3.26.1
Fair Value Measurements and Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Fair Value of Financial Instruments
3.
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

The following tables set forth the Company’s financial assets that were measured at fair value on a recurring basis by level within the fair value hierarchy utilized to determine such values (in thousands).

 

 

 

June 30, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

22,203

 

 

$

—

 

 

$

—

 

 

$

22,203

 

Commercial paper

 

 

—

 

 

 

1,197

 

 

 

—

 

 

 

1,197

 

Total cash equivalents

 

 

22,203

 

 

 

1,197

 

 

 

—

 

 

 

23,400

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

—

 

 

 

110,466

 

 

 

—

 

 

 

110,466

 

Commercial paper

 

 

—

 

 

 

11,469

 

 

 

—

 

 

 

11,469

 

Corporate debt securities

 

 

—

 

 

 

61,474

 

 

 

—

 

 

 

61,474

 

Total investments

 

 

—

 

 

 

183,409

 

 

 

—

 

 

 

183,409

 

Total assets measured at fair value

 

$

22,203

 

 

$

184,606

 

 

$

—

 

 

$

206,809

 

 

 

 

December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

41,832

 

 

$

—

 

 

$

—

 

 

$

41,832

 

Commercial paper

 

 

—

 

 

 

2,978

 

 

 

—

 

 

 

2,978

 

Total cash equivalents

 

 

41,832

 

 

 

2,978

 

 

 

—

 

 

 

44,810

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

—

 

 

 

90,762

 

 

 

—

 

 

 

90,762

 

U.S. Non-Treasury securities

 

 

—

 

 

 

2,374

 

 

 

—

 

 

 

2,374

 

Commercial paper

 

 

—

 

 

 

13,563

 

 

 

—

 

 

 

13,563

 

Corporate debt securities

 

 

—

 

 

 

86,599

 

 

 

—

 

 

 

86,599

 

Total investments

 

 

—

 

 

 

193,298

 

 

 

—

 

 

 

193,298

 

Total assets measured at fair value

 

$

41,832

 

 

$

196,276

 

 

$

—

 

 

$

238,108

 

 

There were no financial liabilities measured at fair value. The Company classifies money market funds within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The Company classifies its investments in U.S. Treasury securities (Treasury bills, Treasury notes, and Treasury bonds), U.S. Non-Treasury securities (government agency debt), commercial paper, and corporate debt securities as Level 2 instruments and obtains fair value from an independent pricing service, which may use quoted market prices for identical or comparable instruments or model-driven valuations using observable market data or inputs corroborated by observable market data.

The carrying amount of the Company’s accounts receivable, other receivables, prepaid expenses and other current assets, accounts payable and accrued expenses approximate fair value due to their short maturities.

The following is a summary of the Company’s cash equivalents and investments and the gross unrealized holding gains and losses (in thousands):

 

 

 

June 30, 2026

 

 

 

Amortized Cost Basis

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

22,203

 

 

$

—

 

 

$

—

 

 

$

22,203

 

Commercial paper

 

 

1,197

 

 

 

—

 

 

 

—

 

 

 

1,197

 

Total cash equivalents

 

 

23,400

 

 

 

—

 

 

 

—

 

 

 

23,400

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

110,733

 

 

 

19

 

 

 

(286

)

 

 

110,466

 

Commercial paper

 

 

11,479

 

 

 

—

 

 

 

(10

)

 

 

11,469

 

Corporate debt securities

 

 

61,533

 

 

 

26

 

 

 

(85

)

 

 

61,474

 

Total investments

 

 

183,745

 

 

 

45

 

 

 

(381

)

 

 

183,409

 

Total assets measured at fair value

 

$

207,145

 

 

$

45

 

 

$

(381

)

 

$

206,809

 

 

 

 

December 31, 2025

 

 

 

Amortized Cost Basis

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

41,832

 

 

$

—

 

 

$

—

 

 

$

41,832

 

Commercial paper

 

 

2,978

 

 

 

—

 

 

 

—

 

 

 

2,978

 

Total cash equivalents

 

 

44,810

 

 

 

—

 

 

 

—

 

 

 

44,810

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

90,508

 

 

 

254

 

 

 

—

 

 

 

90,762

 

U.S. Non-Treasury securities

 

 

2,373

 

 

 

1

 

 

 

—

 

 

 

2,374

 

Commercial paper

 

 

13,555

 

 

 

8

 

 

 

—

 

 

 

13,563

 

Corporate debt securities

 

 

86,403

 

 

 

196

 

 

 

—

 

 

 

86,599

 

Total investments

 

 

192,839

 

 

 

459

 

 

 

—

 

 

 

193,298

 

Total assets measured at fair value

 

$

237,649

 

 

$

459

 

 

$

—

 

 

$

238,108

 

 

As of June 30, 2026, the Company does not have investments that have been in a continuous unrealized loss position for twelve months or longer. To date, the Company has not recorded any credit loss charges on marketable securities related to other-than-temporary declines in market value. As of June 30, 2026, $56.6 million of available-for-sale investments had remaining maturities between one and two years. The remainder of the available-for-sale investments have a remaining maturity of one year or less. As of June 30, 2026 and December 31, 2025, the Company recorded $1.2 million and $1.4 million, respectively, of accrued interest related to its available-for-sale investments and is presented as other receivables on the unaudited condensed consolidated balance sheets.