Fair Value Measurements (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
| Schedule of Financial Assets and Liabilities Measured at Fair Value |
The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at
June 30, 2026 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
69,053 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
69,053 |
|
U.S. treasury securities |
|
|
— |
|
|
|
9,765 |
|
|
|
— |
|
|
|
9,765 |
|
Short-term investments: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. treasury securities |
|
|
— |
|
|
|
138,244 |
|
|
|
— |
|
|
|
138,244 |
|
Corporate debt securities |
|
|
— |
|
|
|
34,955 |
|
|
|
— |
|
|
|
34,955 |
|
Government agency bonds |
|
|
— |
|
|
|
8,711 |
|
|
|
— |
|
|
|
8,711 |
|
|
|
$ |
69,053 |
|
|
$ |
191,675 |
|
|
$ |
— |
|
|
$ |
260,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at
December 31, 2025 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
85,866 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
85,866 |
|
U.S. treasury securities |
|
|
— |
|
|
|
14,991 |
|
|
|
— |
|
|
|
14,991 |
|
Short-term investments: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. treasury securities |
|
|
— |
|
|
|
159,455 |
|
|
|
— |
|
|
|
159,455 |
|
Corporate debt securities |
|
|
— |
|
|
|
75,216 |
|
|
|
— |
|
|
|
75,216 |
|
Government agency bonds |
|
|
— |
|
|
|
5,260 |
|
|
|
— |
|
|
|
5,260 |
|
|
|
$ |
85,866 |
|
|
$ |
254,922 |
|
|
$ |
— |
|
|
$ |
340,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Short-Term Investments |
Short-term investments consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
|
Amortized
Cost |
|
|
Gross Unrealized
Gains |
|
|
Gross Unrealized
Losses |
|
|
Fair
Value |
|
Short-term investments: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. treasury securities |
|
$ |
138,337 |
|
|
$ |
47 |
|
|
$ |
(140 |
) |
|
$ |
138,244 |
|
Corporate debt securities |
|
|
34,958 |
|
|
|
15 |
|
|
|
(18 |
) |
|
|
34,955 |
|
Government agency bonds |
|
|
8,738 |
|
|
|
— |
|
|
|
(27 |
) |
|
|
8,711 |
|
Total short-term investments: |
|
$ |
182,033 |
|
|
$ |
62 |
|
|
$ |
(185 |
) |
|
$ |
181,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Amortized
Cost |
|
|
Gross Unrealized
Gains |
|
|
Gross Unrealized
Losses |
|
|
Fair
Value |
|
Short-term investments: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. treasury securities |
|
$ |
159,033 |
|
|
$ |
422 |
|
|
$ |
— |
|
|
$ |
159,455 |
|
Corporate debt securities |
|
|
75,117 |
|
|
|
102 |
|
|
|
(3 |
) |
|
|
75,216 |
|
Government agency bonds |
|
|
5,253 |
|
|
|
7 |
|
|
|
— |
|
|
|
5,260 |
|
Total short-term investments: |
|
$ |
239,403 |
|
|
$ |
531 |
|
|
$ |
(3 |
) |
|
$ |
239,931 |
|
|
| Schedule of Contractual Maturities of Short-term Investments |
The contractual maturities of the Company’s short-term investments in available-for-sale securities held were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
June 30,
2026 |
|
|
December 31, 2025 |
|
Due within one year |
|
$ |
166,466 |
|
|
$ |
221,506 |
|
Due after one year through two years |
|
|
15,444 |
|
|
|
18,425 |
|
Total available-for-sale securities |
|
$ |
181,910 |
|
|
$ |
239,931 |
|
|
| Schedule of Assumptions Used in Option-Pricing Model to Determine Fair Value of Series B Preferred Stock Tranche Right Liability |
The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
|
2026 |
|
|
2025 |
|
Expected volatility |
|
|
|
|
|
|
93.4 |
% |
|
|
92.3 |
% |
Expected dividends |
|
|
|
|
|
|
0 |
% |
|
|
0 |
% |
Expected term (in years) |
|
|
|
|
|
|
6.0 |
|
|
|
6.0 |
|
Risk-free rate |
|
|
|
|
|
|
3.98 |
% |
|
|
4.27 |
% |
|