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

Note 4. Fair Value Measurements

The following tables summarize the Company’s financial assets, which consist of cash equivalents and marketable securities, presented at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

 

 

 

 

 

June 30, 2026

 

 

 

Fair Value
Hierarchy

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair
Value

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

Level 1

 

$

125,375

 

 

$

—

 

 

$

—

 

 

$

125,375

 

Total cash equivalents

 

 

 

$

125,375

 

 

$

—

 

 

$

—

 

 

$

125,375

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

Level 2

 

$

199,307

 

 

$

—

 

 

$

(519

)

 

$

198,788

 

U.S. government securities

 

Level 2

 

 

189,258

 

 

 

—

 

 

 

(289

)

 

 

188,969

 

Total marketable securities

 

 

 

$

388,565

 

 

$

—

 

 

$

(808

)

 

$

387,757

 

 

 

 

 

 

December 31, 2025

 

 

 

Fair Value
Hierarchy

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair
Value

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

Level 1

 

$

84,960

 

 

$

—

 

 

$

—

 

 

$

84,960

 

Total cash equivalents

 

 

 

$

84,960

 

 

$

—

 

 

$

—

 

 

$

84,960

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

Level 2

 

$

107,870

 

 

$

65

 

 

$

—

 

 

$

107,935

 

U.S. government securities

 

Level 2

 

 

123,204

 

 

 

154

 

 

 

—

 

 

 

123,358

 

Total marketable securities

 

 

 

$

231,074

 

 

$

219

 

 

$

—

 

 

$

231,293

 

 

The Company did not hold any financial assets that would be classified as Level 3 in the fair value hierarchy during the three and six months ended June 30, 2026 and 2025.

Certain of the Company’s financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate their fair values due to their liquid or short-term nature, such as cash, prepaid expenses, accounts payable, and accrued expenses.