v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Measurements  
Fair Value Measurements

3. Fair Value Measurements

The Company’s assets measured at fair value on a recurring basis as of June 30, 2026, consisted of the following (in thousands):

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurement at June 30, 2026

​

  ​ ​ ​

Total

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Cash equivalents - money market funds

​

$

20,414

​

$

20,414

​

$

—

​

$

—

Cash equivalents - US treasury

​

​

19,958

​

​

—

​

​

19,958

​

​

—

Short-term investments

​

 

263,273

​

 

—

​

 

263,273

​

 

—

Long-term investments

​

​

192,247

​

 

—

​

 

192,247

​

 

—

Total

​

$

495,892

​

$

20,414

​

$

475,478

​

$

—

​

The Company’s assets measured at fair value on a recurring basis as of December 31, 2025, consisted of the following (in thousands):

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurement at December 31, 2025

​

  ​ ​ ​

Total

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Cash equivalents - money market funds

​

$

23,780

​

$

23,780

​

$

—

​

$

—

Cash equivalents - commercial paper

​

​

5,969

​

​

—

​

​

5,969

​

​

—

Short-term investments

​

 

229,696

​

 

—

​

 

229,696

​

 

—

Total

​

$

259,445

​

$

23,780

​

$

235,665

​

$

—

​

​

Investments in marketable securities have been initially valued at the transaction price and subsequently valued at the end of each reporting period utilizing third party pricing services or other market observable data (Level 2). The pricing services utilize industry standard valuation models, including both income and market-based approaches and observable market inputs to determine value.

Investments with quoted prices as of June 30, 2026, as shown below (in thousands):

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​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2026

​

​

​

​

Unrealized Gain

​

Unrealized Gain

​

​

​

​

Amortized Cost

​

Unrealized (Loss) Gain

​

Credit loss

​

Market Value

Original maturities of 1 year or less:

​

​

​

​

​

​

​

​

​

​

​

​

United States treasury securities

  ​ ​ ​

$

29,498

  ​ ​ ​

$

(27)

  ​ ​ ​

$

—

  ​ ​ ​

$

29,471

Commercial paper and corporate debt securities

​

​

158,153

​

​

(147)

​

​

—

​

​

158,006

Agency debt securities

​

​

75,881

​

​

(85)

​

​

—

​

​

75,796

Sub-total

​

​

263,532

​

​

(259)

​

​

—

​

​

263,273

Original maturities of over 1 year through 5 years:

​

​

​

​

​

​

​

​

​

​

​

​

Commercial paper and corporate debt securities

​

$

173,101

​

​

(703)

​

$

—

​

$

172,398

Agency debt securities

​

​

19,885

​

​

(36)

​

​

—

​

​

19,849

Sub-total

​

​

192,986

​

​

(739)

​

​

—

​

​

192,247

Total

​

$

456,518

​

$

(998)

​

$

—

​

$

455,520

​

Investments with quoted prices as of December 31, 2025, as shown below (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

​

​

​

Unrealized Gain

​

Unrealized Gain

​

​

​

​

​

Amortized Cost

​

Unrealized (Loss) Gain

​

Credit Loss

​

Market Value

Original maturities of 1 year or less:

​

​

​

​

​

​

​

​

​

​

​

​

United States treasury securities

  ​ ​ ​

$

83,730

  ​ ​ ​

$

62

  ​ ​ ​

$

—

  ​ ​ ​

$

83,792

Commercial paper and corporate debt securities

​

​

127,934

​

​

41

​

​

—

​

​

127,975

Asset backed securities

​

 

8,000

​

 

7

​

 

—

​

 

8,007

Agency debt securities

​

​

9,920

​

​

2

​

​

—

​

​

9,922

Total

​

$

229,584

​

$

112

​

$

—

​

$

229,696

​

As of June 30, 2026 and December 31, 2025, none of the unrealized losses on the Company’s investments are a result of credit loss, therefore, any unrealized losses were recognized in other comprehensive income (OCI).

As of June 30, 2026 and December 31, 2025, the Company had $3.3 million and $1.1 million, respectively, accrued interest on investments included in “Accounts and other receivables” on the accompanying Consolidated Balance Sheets.

The carrying amounts of the Company’s debt approximate fair value because the rates are floating rates based on the prime lending rate, which approximates market rates (see Note 5) and represents a Level 2 fair value measurement.

Separate disclosure is required for assets and liabilities measured at fair value on a recurring basis from those measured at fair value on a non-recurring basis. Assets recorded at fair value on a non-recurring basis, such as property and equipment and intangible assets are recognized at fair value when they are impaired. Other than the long-lived assets disclosed in Note 2, as of June 30, 2026 and December 31, 2025, the Company had no other assets or liabilities that were measured at fair value on a non-recurring basis.