The carrying amounts of cash equivalents and marketable securities approximate their fair value based upon quoted market prices. Certain of the Company’s financial instruments are not measured at fair value on a recurring basis, but are recorded at amounts that approximate their fair value due to their liquid or short-term nature, such as cash, accounts receivable, accounts payable and accrued expenses.

The Company uses the following three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs to value its financial instruments:

Level 1: Observable inputs such as unadjusted quoted prices in active markets for identical instruments.

Level 2: Quoted prices for similar instruments that are directly or indirectly observable in the marketplace.

Level 3: Significant unobservable inputs that are supported by little or no market activity and that are financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation.

Investments in marketable securities consisted of the following (in thousands):


	June 30, 2026
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Cash equivalents
Money market fund	$	31,731	$	—	$	—		$	31,731
Total cash equivalents		31,731		—		—			31,731
Short-term marketable securities
Corporate debt securities		67,362		1		(96	)		67,267
Asset-backed securities		23,123		2		(21	)		23,104
U.S. treasury securities		169,815		4		(201	)		169,618
Commercial paper		28,125		1		(40	)		28,086
Total short-term marketable securities		288,425		8		(358	)		288,075
Total cash equivalents and marketable securities	$	320,156	$	8	$	(358	)	$	319,806


	December 31, 2025
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Cash equivalents
Money market fund	$	57,994	$	—	$	—	$	57,994
Total cash equivalents		57,994		—		—		57,994
Short-term marketable securities
Corporate debt securities		37,329		34		—		37,363
Asset-backed securities		11,970		19		—		11,989
U.S. treasury securities		123,267		170		—		123,437
Commercial paper		16,858		9		—		16,867
Total short-term marketable securities		189,424		232		—		189,656
Total cash equivalents and marketable securities	$	247,418	$	232	$	—	$	247,650

There were no realized gains and losses for the three and six months ended June 30, 2026 and 2025. As of June 30, 2026, investments which were in an unrealized loss position were not material and generally due to interest rate fluctuations, as opposed to declines in credit quality. There were no investments in an unrealized loss position as of December 31, 2025. The Company determined it has the intent and ability to hold all marketable securities that have been in a continuous loss position until recovery of their amortized cost basis, which may be until maturity. As a result, the Company did not recognize any credit losses related to its investments and all unrealized gains and losses on available-for-sale marketable securities are recorded in accumulated other comprehensive loss on the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025.

Accrued interest receivable was $2.1 million and $1.5 million as of June 30, 2026 and December 31, 2025, respectively, and was recorded in prepaid expenses and other current assets on the condensed consolidated balance sheets. The Company did not write off any accrued interest receivable during the three and six months ended June 30, 2026 and 2025.

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


	June 30, 2026
	Level 1		Level 2		Level 3		Fair Value
Cash equivalents
Money market fund	$	31,731	$	—	$	—	$	31,731
Total cash equivalents		31,731		—		—		31,731
Short-term marketable securities
Corporate debt securities		—		67,267		—		67,267
Asset-backed securities		—		23,104		—		23,104
U.S. treasury securities		—		169,618		—		169,618
Commercial paper		—		28,086		—		28,086
Total short-term marketable securities		—		288,075		—		288,075
Total assets measured at fair value	$	31,731	$	288,075	$	—	$	319,806


	December 31, 2025
	Level 1		Level 2		Level 3		Fair Value
Cash equivalents
Money market fund	$	57,994	$	—	$	—	$	57,994
Total cash equivalents		57,994		—		—		57,994
Short-term marketable securities
Corporate debt securities		—		37,363		—		37,363
Asset-backed securities		—		11,989		—		11,989
U.S. treasury securities		—		123,437		—		123,437
Commercial paper		—		16,867		—		16,867
Total short-term marketable securities		—		189,656		—		189,656
Total assets measured at fair value	$	57,994	$	189,656	$	—	$	247,650

The Company estimates the fair value of its investments in marketable securities by taking into consideration valuations obtained from third-party pricing services. 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 securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data, and other observable inputs.

There were no transfers between Level 1, Level 2 or Level 3 investments during the periods presented.