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

4. Fair Value Measurement

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 to determine such fair value as of June 30, 2026 and December 31, 2025 (in thousands):

 

 

 

 

Fair Value Measurements at June 30, 2026:

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

39,333

 

 

$

39,333

 

 

$

—

 

 

$

—

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

41,573

 

 

 

—

 

 

 

41,573

 

 

 

—

 

U.S. government-sponsored enterprise securities

 

 

6,969

 

 

 

—

 

 

 

6,969

 

 

 

—

 

Total assets

 

$

87,875

 

 

$

39,333

 

 

$

48,542

 

 

$

—

 

 

 

 

 

 

Fair Value Measurements at December 31, 2025:

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

39,719

 

 

$

39,719

 

 

$

—

 

 

$

—

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

67,092

 

 

 

—

 

 

 

67,092

 

 

 

—

 

U.S. government-sponsored enterprise securities

 

 

9,991

 

 

 

—

 

 

 

9,991

 

 

 

—

 

Total assets

 

$

116,802

 

 

$

39,719

 

 

$

77,083

 

 

$

—

 

 

 

The Company classifies its money market funds as Level 1 assets under the fair value hierarchy as these assets have been valued using quoted market prices in active markets without any valuation adjustment. The Company typically classifies its U.S. Treasury securities and U.S. government-sponsored enterprise securities as Level 2 assets under the fair value hierarchy as these assets have been valued using information obtained through a third-party pricing service as of the balance sheet date, using observable market inputs that may include trade information, broker or dealer quotes, bids, offers, or a combination of these data sources.

During the six months ended June 30, 2026 and the year ended December 31, 2025, there were no transfers between levels. The Company uses the carrying amounts of its restricted cash, prepaid expenses and other current assets, accounts payable, and accrued expenses and other current liabilities to approximate their fair values due to the short-term nature of these amounts.