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

3. Fair Value Measurements

The Company’s financial instruments consist of money market funds, U.S. government debt securities and corporate debt securities. Cash and cash equivalents includes money market funds, corporate securities, and government securities, which are measured at fair value on a recurring basis using quoted prices and are classified as Level 1. Marketable securities are measured at fair value based on inputs other than quoted prices that are derived from observable market data and are classified

as Level 2 inputs, except for investments in U.S. treasury securities and certificates of deposit which are classified as Level 1. There were no Level 3 assets or liabilities at June 30, 2026.

The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts and fair values as of June 30, 2026, and December 31, 2025:

 

 

 

As of June 30, 2026

 

 

 

Carrying
Amount

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair
Value

 

 

Quoted
priced in
active
markets
(Level 1)

 

 

Significant
other
observable
inputs
(Level 2)

 

 

Significant
unobservable
inputs
(Level 3)

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

12,436

 

 

$

—

 

 

$

—

 

 

$

12,436

 

 

$

12,436

 

 

$

—

 

 

$

—

 

Corporate securities

 

 

44,867

 

 

 

—

 

 

 

(65

)

 

 

44,802

 

 

 

—

 

 

 

44,802

 

 

 

—

 

Government securities

 

 

22,186

 

 

 

1

 

 

 

(27

)

 

 

22,160

 

 

 

22,160

 

 

 

—

 

 

 

—

 

Total financial assets

 

$

79,489

 

 

$

1

 

 

$

(92

)

 

$

79,398

 

 

$

34,596

 

 

$

44,802

 

 

$

—

 

 

 

 

 

As of December 31, 2025

 

 

 

Carrying
Amount

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair
Value

 

 

Quoted
Priced in
Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

29,909

 

 

$

—

 

 

$

—

 

 

$

29,909

 

 

$

29,909

 

 

$

—

 

 

$

—

 

Corporate securities

 

 

30,636

 

 

 

12

 

 

 

(4

)

 

 

30,644

 

 

 

—

 

 

 

30,644

 

 

 

—

 

Government securities

 

 

52,229

 

 

 

68

 

 

 

—

 

 

 

52,297

 

 

 

52,297

 

 

 

—

 

 

 

—

 

Total financial assets

 

$

112,774

 

 

$

80

 

 

$

(4

)

 

$

112,850

 

 

$

82,206

 

 

$

30,644

 

 

$

—

 

 

 

Cash Equivalents — As of June 30, 2026, the Company had aggregate cash and cash equivalents of $12,469, including cash equivalents of $12,436, consisting of money market funds and government securities. As of December 31, 2025, the Company had aggregate cash and cash equivalents of $37,983, including cash equivalents of $29,909, consisting of money market funds, and $7,981 in corporate securities.

Marketable Securities — Marketable securities of $66,962 as of June 30, 2026, consisted of corporate debt securities of $44,802 and government debt securities of $22,160. All marketable securities were classified as current, and the Company held no noncurrent marketable securities, as of June 30, 2026. Marketable securities of $74,960 as of December 31, 2025, consisted of corporate debt securities of $22,663 and government debt securities of $52,298. There were $74,960 of current marketable
securities and no noncurrent marketable securities as of December 31, 2025.

As of June 30, 2026, and December 31, 2025, aggregated gross unrealized losses of available-for-sale investments were not material, and accordingly, no allowance for credit losses was recorded.