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

4. Fair Value

The following tables provide a summary of the assets that are measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 (in thousands):

 

 

Fair Value Measurements as of
June 30, 2026

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash, cash equivalents and short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

8,467

 

 

$

—

 

 

$

—

 

 

$

8,467

 

Money Market Funds

 

 

41,162

 

 

 

—

 

 

 

—

 

 

 

41,162

 

U.S. Treasury Bills

 

 

—

 

 

 

148,831

 

 

 

—

 

 

 

148,831

 

Total

 

$

49,629

 

 

$

148,831

 

 

$

—

 

 

$

198,460

 

 

 

 

Fair Value Measurements as of
December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

3,280

 

 

$

—

 

 

$

—

 

 

$

3,280

 

Money Market Funds

 

 

53,713

 

 

 

—

 

 

 

—

 

 

 

53,713

 

U.S. Treasury Bills

 

 

—

 

 

 

19,964

 

 

 

—

 

 

 

19,964

 

Total

 

$

56,993

 

 

$

19,964

 

 

$

—

 

 

$

76,957

 

Money market funds are valued at the closing price reported by the fund sponsor from an actively traded exchange. The Company's U.S. Treasury bills were included as short-term investments in the condensed consolidated balance sheet as of June 30, 2026 due to a maturity date at the time of purchase of greater than 90 days and cash and cash equivalents at December 31, 2025 due to a maturity date at the time of purchase of less than 90 days. The Company obtains the fair value of its Level 2 cash equivalents and short-term investments from third-party pricing services. The pricing services utilize industry standard valuation models whereby all significant inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, or other market-related data, are observable.