v3.26.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table details the assets carried at fair value and measured on a recurring basis within the three levels of fair value as of September 30, 2026 and December 31, 2025:
(in thousands)Gross UnrealizedReported as:
September 30, 2026Amortized CostGainsLossesFair Value
Cash equivalents
Short-term investmentsLong-term investments
Level 1
Mutual funds$923 $— $— $923 $923 $— $— 
U.S. treasury securities86,472 — (453)86,019 — 62,205 23,814 
Total Level 187,395 — (453)86,942 923 62,205 23,814 
Level 2
Commercial paper10,932 — (2)10,930 8,930 2,000 — 
Agency securities15,974 — (117)15,857 — 11,904 3,953 
Total Level 226,906 — (119)26,787 8,930 13,904 3,953 
Total Level 1 and Level 2$114,301 $— $(572)$113,729 $9,853 $76,109 $27,767 
(in thousands)Gross UnrealizedReported as:
December 31, 2025Amortized CostGainsLossesFair Value
Cash equivalents
Short-term investmentsLong-term investments
Level 1
Mutual funds$1,528 $— $— $1,528 $1,528 $— $— 
U.S. treasury securities90,066 208 — 90,274 — 49,489 40,785 
Total Level 191,594 208 — 91,802 1,528 49,489 40,785 
Level 2
Commercial paper15,321 1 (1)15,321 10,379 4,942 — 
Corporate debt securities1,668 1 — 1,669 — 1,669 — 
Agency securities46,838 46 (12)46,872 — 34,918 11,954 
Total Level 263,827 48 (13)63,862 10,379 41,529 11,954 
Total Level 1 and Level 2$155,421 $256 $(13)$155,664 $11,907 $91,018 $52,739 
Short-term investments have a contractual maturity date that is one year or less from the respective balance sheet date. Long-term investments have a contractual maturity date that is more than one year, but less than two years from the respective balance sheet date.
There were no continuous unrealized loss positions in excess of twelve months as of September 30, 2026.
The Company reviewed its investment portfolio based on the underlying risk profile of the securities and have no loss expectation for these investments. The Company reviewed the securities in an unrealized loss position and evaluated the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, and current economic conditions. The Company recognized no credit losses during the three and nine months ended September 30, 2026 and 2025, and had no allowance for credit losses as of September 30, 2026 and December 31, 2025.