v3.26.3
Fair value measurements
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair value measurements

4. Fair value measurements

The Company measures certain financial assets at fair value on a recurring basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs used to measure fair value into three levels:

•
Level 1 – observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Active markets are considered to be those in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
•
Level 2 – inputs other than quoted prices in active markets that are either directly or indirectly observable. This category includes quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in inactive markets.
•
Level 3 – unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

 

The following table presents the Company’s financial assets measured at fair value on a recurring basis as of September 30, 2026:

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

50,706

 

 

$

-

 

 

$

-

 

 

$

50,706

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

-

 

 

 

36,286

 

 

 

-

 

 

 

36,286

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

-

 

 

 

61,320

 

 

 

-

 

 

 

61,320

 

Total assets measured at fair value

 

$

50,706

 

 

$

97,606

 

 

$

-

 

 

$

148,312

 

 

As of December 31, 2025, the Company’s financial assets measured at fair value on a recurring basis consisted of money market funds of $39,290, classified within Level 1.

 

The Company’s money market funds and available-for-sale investments in U.S. Treasury securities are measured at fair value on a recurring basis. Money market funds are classified within Level 1. U.S. Treasury securities are classified within Level 2 because they are valued using prices from a third-party pricing service based on observable market inputs. The carrying amounts of the Company’s cash deposits, receivables, accrued interest receivable and payables approximate their fair values because of the short-term nature of these instruments. The fair value of the noncurrent portion of unbilled accounts receivable included in other noncurrent assets approximates its carrying amount.