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 summarize the Company's cash equivalents and investments (in thousands):

 

 

 

Fair Value Measurements at June 30, 2026

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

38,645

 

 

$

38,645

 

 

$

—

 

 

$

—

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

87,830

 

 

 

87,830

 

 

 

—

 

 

 

—

 

Commercial paper

 

 

80,455

 

 

 

—

 

 

 

80,455

 

 

 

—

 

Corporate debt securities

 

 

64,807

 

 

 

—

 

 

 

64,807

 

 

 

—

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

15,095

 

 

 

15,095

 

 

 

—

 

 

 

—

 

Corporate debt securities

 

 

31,521

 

 

 

—

 

 

 

31,521

 

 

 

—

 

 

$

318,353

 

 

$

141,570

 

 

$

176,783

 

 

$

—

 

 

 

 

 

Fair Value Measurements at December 31, 2025

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

30,833

 

 

$

30,833

 

 

$

—

 

 

$

—

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

95,609

 

 

 

95,609

 

 

 

—

 

 

 

—

 

Commercial paper

 

 

137,104

 

 

 

—

 

 

 

137,104

 

 

 

—

 

Corporate debt securities

 

 

25,661

 

 

 

—

 

 

 

25,661

 

 

 

—

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

73,012

 

 

 

73,012

 

 

 

—

 

 

 

—

 

Corporate debt securities

 

 

74,981

 

 

 

—

 

 

 

74,981

 

 

 

—

 

 

$

437,200

 

 

$

199,454

 

 

$

237,746

 

 

$

—

 

 

The Company classifies its money market funds and U.S. Treasury securities as Level 1 assets under the fair value hierarchy as these assets have been valued using quoted market prices in active markets without any valuation adjustment. The Company classifies its commercial paper and corporate debt securities as Level 2 assets under the fair value hierarchy as these assets have been valued using information obtained through a third-party pricing service as of the balance sheet date, using observable market inputs that may include trade information, broker or dealer quotes, bids, offers, or a combination of these data sources.

During the six months ended June 30, 2026 and the year ended December 31, 2025, there were no transfers between levels.

The Company uses the carrying amounts of its prepaid expenses and other current assets, restricted cash, other assets, accounts payable and accrued expenses to approximate their fair values due to the short-term nature of these items.