v3.26.3
Fair Value Measurements and Marketable Securities
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Marketable Securities Fair Value Measurements and Marketable Securities
Accounting Standards Codification, Fair Value Measurement (ASC 820), defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that requires classification based on observable and unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value:
Level 1—Quoted prices in active markets for identical assets or liabilities.
Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
The Company's financial assets measured at fair value on a recurring basis consist primarily of cash equivalents and marketable securities. The Company’s cash equivalents consist primarily of money market mutual funds that are valued using Level 1 inputs. The Company's marketable securities consist of agency, municipal, corporate and other debt securities. Fair value for the corporate debt securities is primarily determined based on quoted market prices (Level 1). Fair values for the U.S. municipal securities, U.S. government agency securities, certificates of deposit and U.S. Treasury securities are primarily determined using dealer quotes or quoted market prices for similar securities (Level 2).
The following table summarizes the Company's financial assets measured at fair value on a recurring basis as of September 30, 2026 and December 31, 2025:
September 30, 2026December 31, 2025
(in thousands)Level 1Level 2Level 3Level 1Level 2Level 3
Financial Assets:
Cash$125,331 $— $— $107,462 $— $— 
Money market mutual fund8,449 — — 3,364 — — 
Marketable securities12,827 28,442 — 18,301 13,304 — 
Total$146,607 $28,442 $— $129,127 $13,304 $— 
The Company's marketable securities are classified as available-for-sale and recorded at fair value.
The following table summarizes the amortized cost, unrealized gains (losses), and fair value of the Company’s marketable securities as of September 30, 2026 and December 31, 2025:
September 30, 2026
(in thousands)CostUnrealized GainsUnrealized LossesFair Value
U.S. government agency securities$19,500 $— $(203)$19,297 
Corporate debt securities14,478 — (207)14,271 
U.S. municipal securities6,724 — (23)6,701 
U.S. treasury bonds1,000 — — 1,000 
Total marketable securities$41,702 $— $(433)$41,269 
December 31, 2025
(in thousands)CostUnrealized GainsUnrealized LossesFair Value
U.S. government agency securities$7,500 $9 $(4)$7,505 
Corporate debt securities14,424 9 (7)14,426 
U.S. municipal securities8,631 39 — 8,670 
U.S. treasury bonds1,000 4 — 1,004 
Total marketable securities$31,555 $61 $(11)$31,605 
Classification of marketable securities as current or non-current is based upon the security’s maturity date as of the date of these financial statements.
The September 30, 2026 balance of available-for-sale debt securities by contractual maturity is shown in the following table at fair value. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.
(in thousands)September 30,
2026
Due in one year or less$17,366 
Due after one year through five years23,903 
Total marketable securities$41,269