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

5. Fair Value Measurements

The fair values of the Company’s financial assets that are measured on a recurring basis are as follows (in thousands):

 

 

June 30, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Money market funds

 

$

47,847

 

 

$

—

 

 

$

—

 

 

$

47,847

 

Corporate bonds

 

 

—

 

 

 

26,679

 

 

 

—

 

 

 

26,679

 

U.S. government bonds

 

 

18,007

 

 

 

—

 

 

 

—

 

 

 

18,007

 

Total

 

$

65,854

 

 

$

26,679

 

 

$

—

 

 

$

92,533

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Money market funds

 

$

24,302

 

 

$

—

 

 

$

—

 

 

$

24,302

 

Corporate bonds

 

 

—

 

 

 

27,817

 

 

 

—

 

 

$

27,817

 

Commercial paper

 

 

—

 

 

 

17,797

 

 

 

—

 

 

 

17,797

 

U.S. government bonds

 

 

31,922

 

 

 

4,991

 

 

 

—

 

 

 

36,913

 

Total

 

$

56,224

 

 

$

50,605

 

 

$

—

 

 

$

106,829

 

 

The Company’s Level 2 investments are valued using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market-based approaches, 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 investments, issuer credit spreads, benchmark investments, prepayment/default projections based on historical data and other observable inputs. There were no transfers of assets between levels during the three months ended June 30, 2026. During the six months ended June 30, 2026, a total of $6.0 million, of U.S. treasury notes and bills were transferred from Level 1 to Level 2 as such instruments were changed to off-the-run when they were issued before the most recent issue and were still outstanding at measurement day. During the three and six months ended June 30, 2025, a total of $1.3 million and $7.8 million, respectively, of U.S. treasury notes and bills were transferred from Level 1 to Level 2 as such instruments were changed to off-the-run when they were issued before the most recent issue and were still outstanding at measurement day.