v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
3.
Fair Value Measurements

The following tables summarize the Company’s financial assets that are measured at fair value on a recurring basis (in thousands):

 

 

 

 

 

Fair Value Measurements Using

 

As of June 30, 2026

 

Total

 

 

Quoted Prices in
Active Markets
for Identical
Assets (Level 1)

 

 

Significant
Other
Observable
Inputs (Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

55,358

 

 

$

55,358

 

 

$

—

 

 

$

—

 

U.S. Treasury securities

 

 

13,977

 

 

 

—

 

 

 

13,977

 

 

 

—

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

191,566

 

 

 

—

 

 

 

191,566

 

 

 

—

 

Total

 

$

260,901

 

 

$

55,358

 

 

$

205,543

 

 

$

—

 

Money market funds are highly liquid and actively traded marketable securities that generally transact at a stable $1.00 net asset value representing its estimated fair value.

Level 2 financial instruments are comprised of investments in U.S. Treasury bills and notes which are fixed income securities. We estimate the fair value of our Level 2 financial instruments by taking into consideration valuations obtained from third-party pricing services. The third-party pricing services utilize industry standard valuation models, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities; issuer credit spreads; benchmark securities; and other observable inputs.

As of December 31, 2025, the Company held no financial instruments measured at fair value.