Fair Value Measurements

6 Months Ended

Jun. 30, 2026

3. Fair Value Measurements

The carrying amounts of the Company’s financial instruments, including prepaid expenses and other current assets, accounts payable, accrued liabilities and the current portion of operating lease liabilities approximate fair value due to the short-term nature of those instruments.

The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by level within the valuation hierarchy:


	June 30, 2026
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	90,381	$	—	$	—	$	90,381
Total assets measured at fair value	$	90,381	$	—	$	—	$	90,381


	December 31, 2025
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	74,364	$	—	$	—	$	74,364
Total assets measured at fair value	$	74,364	$	—	$	—	$	74,364

Money market funds are highly liquid and actively traded marketable securities that generally transact at a stable $1.00 net asset value representing its estimated fair value.