v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in the following levels:
• Level 1 — Quoted prices in active markets for identical assets or liabilities.
• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
• Level 3 — Unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability.
The carrying amounts reported in the balance sheet for cash and cash equivalents, restricted cash, prepaid expenses and other assets, accounts payable and accrued expenses and other liabilities approximate their fair value because of the short-term nature of these instruments.
The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):
June 30, 2026
Aggregate estimated fair value
Quoted Prices in Active Markets for Identical Assets (Level 1)
Significant Other Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
Assets classified as cash equivalents:
Money market funds
$149,129 $149,129 $— $— 
Commercial paper
5,986 — 5,986 — 
$155,115 $149,129 $5,986 $— 
Assets classified as marketable securities: available-for-sale debt securities
Commercial paper
$6,743 $— $6,743 $— 
Corporate debt securities
13,469 — 13,469 — 
United States Treasury Bills
10,004 10,004 — — 
$30,216 $10,004 $20,212 $— 
Total financial assets measured at fair value on a recurring basis$185,331 $159,133 $26,198 $— 
December 31, 2025
Aggregate estimated fair value
Quoted Prices in Active Markets for Identical Assets (Level 1)
Significant Other Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
Assets classified as cash equivalents:
Money market funds
$71,191 $71,191 $— $— 
United Kingdom Government Securities
301 — 301 — 
Corporate debt securities1,753 — 1,753 — 
$73,245 $71,191 $2,054 $— 
Assets classified as marketable securities: available-for-sale debt securities
Commercial paper
$52,589 $— $52,589 $— 
Corporate debt securities
58,299 — 58,299 — 
United Kingdom Government Securities
66,175 — 66,175 — 
United States Treasury Bills
19,515 19,515 — — 
$196,578 $19,515 $177,063 $— 
Total financial assets measured at fair value on a recurring basis$269,823 $90,706 $179,117 $— 
The Company estimates the fair value of available-for-sale debt securities using actual trade and indicative prices sourced from third-party providers on a daily basis to estimate the fair value. If observable market prices are not available (such as for securities with short maturities and limited second market activity), the securities are priced using a valuation model that maximizes the use of observable inputs, such as market interest rates.
As of June 30, 2026 and December 31, 2025, the Company did not have non-financial assets measured at fair value on a recurring basis. During the three and six months ended June 30, 2026 and the year ended December 31, 2025, there were no transfers between fair value levels.