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

5. Fair Value Measurements

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 (in thousands):

 

 

 

 

 

 

Fair Value Measurements at
Reporting Date Using

 

 

 

Total

 

 

Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

As of June 30, 2026

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

25,819

 

 

$

25,819

 

 

$

—

 

 

$

—

 

U.S. Treasury debt securities

 

 

20,293

 

 

 

20,293

 

 

 

—

 

 

 

—

 

Non-US government securities

 

 

3,878

 

 

 

—

 

 

 

3,878

 

 

 

—

 

Corporate debt securities

 

 

37,373

 

 

 

—

 

 

 

37,373

 

 

 

—

 

Commercial paper

 

 

63,280

 

 

 

—

 

 

 

63,280

 

 

 

—

 

Total financial assets measured at fair value on a recurring basis

 

$

150,643

 

 

$

46,112

 

 

$

104,531

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock price appreciation milestones

 

$

943

 

 

$

—

 

 

$

—

 

 

$

943

 

Total financial liabilities measured at fair value on a recurring basis

 

$

943

 

 

$

—

 

 

$

—

 

 

$

943

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

31,693

 

 

$

31,693

 

 

$

—

 

 

$

—

 

U.S. Treasury debt securities

 

 

33,779

 

 

 

33,779

 

 

 

—

 

 

 

—

 

Non-U.S. government securities

 

 

3,247

 

 

 

—

 

 

 

3,247

 

 

 

—

 

Corporate debt securities

 

 

87,710

 

 

 

—

 

 

 

87,710

 

 

 

—

 

Commercial paper

 

 

41,941

 

 

 

—

 

 

 

41,941

 

 

 

—

 

Total assets measured at fair value on a recurring basis

 

$

198,370

 

 

$

65,472

 

 

$

132,898

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock price appreciation milestones

 

$

283

 

 

$

—

 

 

$

—

 

 

$

283

 

Total financial liabilities measured at fair value on a recurring basis

 

$

283

 

 

$

—

 

 

$

—

 

 

$

283

 

 

Level 1 assets consisted of money market funds and U.S. Treasury securities measured at fair value based on quoted prices in active markets as provided by the Company’s investment managers.

 

Level 2 assets consisted of corporate debt securities, commercial paper, municipal securities, and non-U.S. government securities measured at fair value using standard observable inputs, including reported trades, broker/dealer quotes, and bids and/or offers. The Company validates the quoted market prices provided by its investment managers by comparing the investment managers’ assessment of the fair values of the Company’s investment portfolio balance against the fair values of the Company’s investment portfolio balance obtained from an independent source.

There were no Level 3 assets held by the Company as of June 30, 2026.

 

Level 3 liabilities consisted of stock price appreciation milestones associated with the Amended MSKCC License as described in detail in Note 2.

The following table presents the changes in fair value of the Company’s Level 3 stock price appreciation milestones liability for the six months ended June 30, 2026 (in thousands):

 

Balance at December 31, 2025

 

$

283

 

Changes in fair value of stock price appreciation milestones liability

 

 

80

 

Balance at March 31, 2026

 

$

363

 

Changes in fair value of stock price appreciation milestones liability

 

 

580

 

Balance at June 30, 2026

 

$

943

 

 

The following table presents the changes in fair value of the Company’s Level 3 stock price appreciation milestones liability for the three and six months ended June 30, 2025 (in thousands):

 

Balance at December 31, 2024

 

$

527

 

Changes in fair value of stock price appreciation milestones liability

 

 

(280

)

Balance at March 31, 2025

 

$

247

 

Changes in fair value of stock price appreciation milestones liability

 

 

73

 

Balance at June 30, 2025

 

$

320