| Fair Value Hierarchy for Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis |
The following tables represent the Company’s fair value hierarchy for financial assets and financial liabilities measured at fair value on a recurring basis (in thousands):
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Amortized Cost Basis |
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Gross Unrealized Gains |
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Gross Unrealized Losses |
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Fair Value as of June 30, 2026 |
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Cash and Cash Equivalents |
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Current Marketable Securities |
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Non-Current Marketable Securities |
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Assets |
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Cash |
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$ |
29,718 |
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$ |
— |
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$ |
— |
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$ |
29,718 |
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$ |
29,718 |
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$ |
— |
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$ |
— |
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Level 1: |
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Money market funds |
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34,659 |
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— |
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— |
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34,659 |
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34,659 |
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— |
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— |
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Level 2: |
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Certificates of deposit |
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20,892 |
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4 |
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(9 |
) |
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20,887 |
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— |
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20,887 |
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— |
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Commercial paper |
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54,813 |
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5 |
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(52 |
) |
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54,766 |
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5,995 |
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|
48,771 |
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|
— |
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U.S. Treasuries |
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92,469 |
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10 |
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(216 |
) |
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92,263 |
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— |
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67,884 |
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24,379 |
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Corporate bonds |
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|
198,524 |
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51 |
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(239 |
) |
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198,336 |
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— |
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153,420 |
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|
44,916 |
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Subtotal |
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366,698 |
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70 |
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(516 |
) |
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366,252 |
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|
5,995 |
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290,962 |
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|
69,295 |
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Total |
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$ |
431,075 |
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$ |
70 |
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$ |
(516 |
) |
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$ |
430,629 |
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$ |
70,372 |
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$ |
290,962 |
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$ |
69,295 |
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Amortized Cost Basis |
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Gross Unrealized Gains |
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Gross Unrealized Losses |
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Fair Value as of December 31, 2025 |
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Cash and Cash Equivalents |
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Current Marketable Securities |
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Non-Current Marketable Securities |
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Assets |
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Cash |
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$ |
10,696 |
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$ |
— |
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$ |
— |
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$ |
10,696 |
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$ |
10,696 |
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$ |
— |
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$ |
— |
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Level 1: |
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Money market funds |
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39,570 |
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— |
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— |
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39,570 |
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39,570 |
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— |
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— |
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Level 2: |
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Certificates of deposit |
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35,986 |
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37 |
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— |
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36,023 |
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— |
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36,023 |
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— |
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Commercial paper |
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63,875 |
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48 |
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— |
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63,923 |
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5,479 |
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|
58,444 |
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|
— |
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U.S. Treasuries |
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76,920 |
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|
153 |
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— |
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77,073 |
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— |
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|
63,589 |
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|
13,484 |
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Corporate bonds |
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|
286,260 |
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|
492 |
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(3 |
) |
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286,749 |
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|
4,496 |
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|
184,358 |
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|
97,895 |
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Subtotal |
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463,041 |
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|
730 |
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(3 |
) |
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|
463,768 |
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|
9,975 |
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|
342,414 |
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|
111,379 |
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Total |
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$ |
513,307 |
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$ |
730 |
|
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$ |
(3 |
) |
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$ |
514,034 |
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$ |
60,241 |
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$ |
342,414 |
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$ |
111,379 |
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| Summary of Aggregate Fair Values of Marketable Securities with Unrealized Losses and Gains |
Aggregate fair values of marketable securities with unrealized losses and gains were as follows as of June 30, 2026 and December 31, 2025 (in thousands):
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June 30,
2026 |
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December 31,
2025 |
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Aggregate fair value of marketable securities in a continuous loss position for less than twelve months |
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$ |
260,917 |
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$ |
15,449 |
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Aggregate fair value of marketable securities in a continuous loss position for more than twelve months |
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|
— |
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|
1,951 |
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Aggregate fair value of marketable securities in unrealized gain position |
|
|
105,335 |
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|
446,368 |
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Total marketable securities |
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$ |
366,252 |
|
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$ |
463,768 |
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