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

4. Fair Value Measurements

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:

 

 

Fair Value Measurements as of
June 30, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

66,561

 

 

$

—

 

 

$

—

 

 

$

66,561

 

Marketable Securities

 

 

 

 

 

 

 

 

 

 

 

 

US Treasury obligations

 

 

—

 

 

 

29,925

 

 

 

—

 

 

 

29,925

 

Asset-backed securities

 

 

—

 

 

 

2,507

 

 

 

—

 

 

 

2,507

 

Commercial paper

 

 

—

 

 

 

16,463

 

 

 

—

 

 

 

16,463

 

Corporate bonds

 

 

—

 

 

 

94,022

 

 

 

—

 

 

 

94,022

 

Total

 

$

66,561

 

 

$

142,917

 

 

$

—

 

 

$

209,478

 

 

 

 

Fair Value Measurements as of
December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

87,584

 

 

$

—

 

 

$

—

 

 

$

87,584

 

Marketable Securities

 

 

 

 

 

 

 

 

 

 

 

 

US Treasury obligations

 

 

—

 

 

 

59,845

 

 

 

—

 

 

 

59,845

 

Asset-backed securities

 

 

—

 

 

 

43,237

 

 

 

—

 

 

 

43,237

 

Commercial paper

 

 

—

 

 

 

9,422

 

 

 

—

 

 

 

9,422

 

Corporate bonds

 

 

—

 

 

 

93,613

 

 

 

—

 

 

 

93,613

 

Total

 

$

87,584

 

 

$

206,117

 

 

$

—

 

 

$

293,701

 

The Company’s assets with fair value categorized as Level 1 within the fair value hierarchy include money market funds. Money market funds are publicly traded mutual funds and are presented as cash equivalents on the unaudited condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025.

The Company’s assets with fair value categorized as Level 2 within the fair value hierarchy include US Treasury obligations, asset-backed securities, commercial paper and corporate bonds with fair values determined by utilizing information from third party pricing sources for identical or similar assets and liabilities in an active market.

There were no transfers between Level 1, Level 2 or Level 3 categories during the six months ended June 30, 2026.