v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3. Fair Value Measurements

The Company utilizes valuation techniques 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 one of the following levels:

•
Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.
•
Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
•
Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.

On a recurring basis, the Company measures certain financial assets and liabilities at fair value. The following tables summarize the fair value of the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

 

 

 

 

 

June 30, 2026

 

 

 

Valuation
Hierarchy

 

Amortized
Cost Basis

 

 

Gross
Unrealized
Holding
Gains

 

 

Gross
Unrealized
Holding
Losses

 

 

Aggregate
Fair Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

Level 1

 

$

175,800

 

 

$

—

 

 

$

—

 

 

$

175,800

 

Government bonds

 

Level 2

 

 

9,978

 

 

 

—

 

 

 

—

 

 

 

9,978

 

Total cash equivalents

 

 

 

 

185,778

 

 

 

—

 

 

 

—

 

 

 

185,778

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government bonds

 

Level 2

 

 

9,973

 

 

 

—

 

 

 

—

 

 

 

9,973

 

Total short-term investments

 

 

 

 

9,973

 

 

 

—

 

 

 

—

 

 

 

9,973

 

 

 

 

 

$

195,751

 

 

$

—

 

 

$

—

 

 

$

195,751

 

 

 

 

 

 

December 31, 2025

 

 

 

Valuation
Hierarchy

 

Amortized
Cost Basis

 

 

Gross
Unrealized
Holding
Gains

 

 

Gross
Unrealized
Holding
Losses

 

 

Aggregate
Fair Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

Level 1

 

$

116,181

 

 

$

—

 

 

$

—

 

 

$

116,181

 

Government bonds

 

Level 2

 

 

43,844

 

 

 

13

 

 

 

—

 

 

 

43,857

 

Total cash equivalents

 

 

 

 

160,025

 

 

 

13

 

 

 

—

 

 

 

160,038

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government bonds

 

Level 2

 

 

76,252

 

 

 

42

 

 

 

—

 

 

 

76,294

 

Total short-term investments

 

 

 

 

76,252

 

 

 

42

 

 

 

—

 

 

 

76,294

 

 

 

 

 

$

236,277

 

 

$

55

 

 

$

—

 

 

$

236,332

 

 

All of the investments held as of June 30, 2026, had original maturities of less than two years. As of June 30, 2026, all of the investments are scheduled to mature within 12 months. During the three and six months ended June 30, 2026, the Company did not recognize any credit losses. The Company determined that the decline in fair value of debt securities was not due to credit-related factors, and no allowance for expected credit losses was recorded as of June 30, 2026. There were nominal unrealized losses as of June 30, 2026, and no investments have been in the loss position for more than 12 months. However, the Company is planning to hold these securities until maturity and expects to recover the amortized cost basis.

 

For the three and six months ended June 30, 2026 and 2025, the Company recognized no material realized gains or losses on financial instruments.