The following table presents the fair values of the Company’s cash equivalents, held-to-maturity investments and outstanding debt obligations by level within the fair value hierarchy (in thousands):


As of September 30, 2026	Level 1		Level 2		Other(1)		Total

Cash equivalents
Money market funds	$	—	$	—	$	71,051	$	71,051
U.S. treasury securities	44,635		—		—		44,635

Investments in marketable securities
U.S. treasury securities	31,662		—		—		31,662
Corporate debt securities	—		9,517		—		9,517
Total assets	$	76,297	$	9,517	$	71,051	$	156,865

Financial liabilities
Convertible senior notes(2)	—		187,394		—		187,394
Total liabilities	$	—	$	187,394	$	—	$	187,394


As of December 31, 2025	Level 1		Level 2		Other(1)		Total

Cash equivalents
Money market funds	$	—	$	—	$	8,729	$	8,729
Investments in marketable securities
U.S. treasury securities	9,473		—		—		9,473
Corporate debt securities	—		12,744		—		12,744
Total assets	$	9,473	$	12,744	$	8,729	$	30,946

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(1) Investments in money market funds measured at fair value using the net asset value per share practical expedient are not subject to hierarchy level classification disclosure. The Company invests in money market funds that seek to maintain a stable net asset value. These investments include commingled funds that comprise high-quality short-term securities representing liquid debt and monetary instruments where the redemption value is likely to be the fair value. Redemption is permitted daily without written notice.

(2) The fair value of the Company’s convertible senior notes was determined based on observable market prices of identical instruments in less active markets.