v3.26.1
FAIR VALUE MEASUREMENT AND FINANCIAL INSTRUMENTS
6 Months Ended
Jun. 30, 2026
FAIR VALUE MEASUREMENT AND FINANCIAL INSTRUMENTS  
FAIR VALUE MEASUREMENT AND FINANCIAL INSTRUMENTS

6.     FAIR VALUE MEASUREMENT AND FINANCIAL INSTRUMENTS

The carrying values of cash equivalents, accounts receivable, prepaids and other current assets, and accounts payable on the Company’s balance sheets approximated their fair values as of June 30, 2026 and December 31, 2025 due to their short-term nature. The carrying values of the Perceptive Facility (as defined below) approximated its fair value as of June 30, 2026 and December 31, 2025 due to its variable interest rate. The carrying value of the Company’s notes receivable approximated its fair value as of June 30, 2026 and December 31, 2025 due to its variable interest rate.

Certain of the Company’s financial instruments are measured at fair value using a three-level hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

Level 1:

Inputs are quoted prices for identical instruments in active markets.

Level 2:

Inputs are quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; or model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3:

Inputs are unobservable and reflect the Company’s own assumptions, based on the best information available, including the Company’s own data.

The following tables set forth the carrying amounts and fair values of the Company’s financial instruments as of June 30, 2026 and December 31, 2025 (in thousands):

  ​ ​ ​

June 30, 2026

Fair Value Measurement Based on

Quoted

Significant

Prices In

Other

Significant

Active

Observable

Unobservable

Carrying

Markets

Inputs

Inputs

  ​ ​ ​

Amount

  ​ ​ ​

Fair Value

  ​ ​ ​

(Level 1)

  ​ ​ ​

(Level 2)

  ​ ​ ​

(Level 3)

Assets

Money market funds (cash equivalents)

$

432

$

432

$

432

$

$

Money market funds (restricted cash and cash equivalents)

$

5,500

$

5,500

$

5,500

$

$

  ​ ​ ​

December 31, 2025

Fair Value Measurement Based on

Quoted

Significant

Prices In

Other

Significant

Active

Observable

Unobservable

Carrying

Markets

Inputs

Inputs

Amount

Fair Value

(Level 1)

(Level 2)

(Level 3)

Assets

  ​ ​ ​

  ​

  ​ ​ ​

  ​

  ​ ​ ​

  ​

  ​ ​ ​

  ​

  ​ ​ ​

  ​

Money market funds (cash equivalents)

$

436

$

436

$

436

$

$

Money market funds (restricted cash and cash equivalents)

$

5,500

$

5,500

$

5,500

$

$