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 Unrealized						Reported as:
September 30, 2026	Amortized Cost		Gains		Losses		Fair Value		Cash equivalents		Short-term investments		Long-term investments
Level 1
Mutual funds	$	923	$	—	$	—	$	923	$	923	$	—	$	—
U.S. treasury securities	86,472		—		(453)		86,019		—		62,205		23,814
Total Level 1	87,395		—		(453)		86,942		923		62,205		23,814
Level 2
Commercial paper	10,932		—		(2)		10,930		8,930		2,000		—

Agency securities	15,974		—		(117)		15,857		—		11,904		3,953
Total Level 2	26,906		—		(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 Unrealized						Reported as:
December 31, 2025	Amortized Cost		Gains		Losses		Fair Value		Cash equivalents		Short-term investments		Long-term investments
Level 1
Mutual funds	$	1,528	$	—	$	—	$	1,528	$	1,528	$	—	$	—
U.S. treasury securities	90,066		208		—		90,274		—		49,489		40,785
Total Level 1	91,594		208		—		91,802		1,528		49,489		40,785
Level 2
Commercial paper	15,321		1		(1)		15,321		10,379		4,942		—
Corporate debt securities	1,668		1		—		1,669		—		1,669		—
Agency securities	46,838		46		(12)		46,872		—		34,918		11,954
Total Level 2	63,827		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