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

4. Fair Value Measurements

The following tables present the Company’s fair value hierarchy for assets measured at fair value on a recurring basis (in thousands):

 

 

Fair Value Measurements at June 30, 2026

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

118,212

 

 

$

—

 

 

$

—

 

 

$

118,212

 

Total cash equivalents

 

 

118,212

 

 

 

—

 

 

 

—

 

 

 

118,212

 

Cash

 

 

7,691

 

 

 

—

 

 

 

—

 

 

 

7,691

 

Total cash and cash equivalents

 

$

125,903

 

 

$

—

 

 

$

—

 

 

$

125,903

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at December 31, 2025

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

207,585

 

 

$

—

 

 

$

—

 

 

$

207,585

 

Total cash equivalents

 

 

207,585

 

 

 

—

 

 

 

—

 

 

 

207,585

 

Cash

 

 

2,277

 

 

 

—

 

 

 

—

 

 

 

2,277

 

Total cash and cash equivalents

 

$

209,862

 

 

$

—

 

 

$

—

 

 

$

209,862

 

 

As of June 30, 2026, the fair value of the liability related to sale of future royalties is based on the Company's current estimates of future royalties expected to be paid to Baker Bros. Advisors, LP (“BBA”), which are considered Level 3 inputs.

As discussed in Note 5, the Company entered into a sublease agreement during the first quarter of 2025, which led to an impairment of the related right-of-use asset. Estimated fair value of the right-of-use asset was based on expected sublease rental income, considering current sublease market conditions, discounted at a market rate of return on similar assets. The estimates and assumptions used are considered Level 3 inputs.