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 present the financial instruments carried at fair value on a recurring basis as of June 30, 2026 and December 31, 2025, respectively, in accordance with the FASB ASC 820 hierarchy (in thousands):

 

 

June 30, 2026

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

Money market funds

$

2,756

 

 

$

—

 

 

$

—

 

 

$

2,756

 

Marketable debt securities

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

14,141

 

 

 

—

 

 

 

—

 

 

 

14,141

 

Total

$

16,897

 

 

$

—

 

 

$

—

 

 

$

16,897

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

Money market funds

$

673

 

 

$

—

 

 

$

—

 

 

$

673

 

Marketable debt securities

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

51,435

 

 

 

—

 

 

 

—

 

 

 

51,435

 

Total

$

52,108

 

 

$

—

 

 

$

—

 

 

$

52,108

 

 

The Company’s cash equivalents represent deposits in a short-term money market fund quoted in an active market and are classified as Level 1 assets. Marketable debt securities include investments in United States Treasury securities and are classified as Level 1 assets as they are valued using quoted prices in active markets. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the periods presented.