Fair Value Measurements and Available for Sale Investments (Tables)

6 Months Ended

Jun. 30, 2026

Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes our assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy:


	Fair Value Measurements at End of Period Using:
(in thousands)	Fair Value		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
At June 30, 2026
Money market funds(1)	$	140,791	$	140,791	$	—	$	—
Mutual funds(1)		26,186		26,186		—		—
At December 31, 2025
Money market funds(1)	$	140,380	$	140,380	$	—	$	—
Mutual funds(1)		91,359		91,359		—		—
U.S. Treasury securities(2)		63,268		63,268		—		—
Commercial and corporate obligations(2)		10,174		—		10,174		—

(1)

Included in cash and cash equivalents in the accompanying balance sheets.

(2)

Included in short-term investments in the accompanying balance sheets.

Schedule of Available-for-sale Investments

As of June 30, 2026, we did not have any available-for-sale investments by security type, classified in short-term or long-term investments.

The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in cash equivalents, short-term and long-term investments as of December 31, 2025 are as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Total Fair Value
Commercial and corporate obligations(1)		10,152		22		10,174
U.S. Treasury securities(2)		63,107		161		63,268
Total available-for-sale investments	$	73,259	$	183	$	73,442

(1)

Of our outstanding commercial and corporate obligations, $10.2 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of December 31, 2025.

(2)

Of our outstanding U.S. Treasury securities, $63.3 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of December 31, 2025.