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

4. Fair Value Measurements

Financial instruments reported at fair value on a recurring basis include cash equivalents and marketable securities. The following tables present the fair value of cash equivalents and marketable securities in accordance with the fair value hierarchy discussed in Note 2 (in thousands):

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

September 30, 2026

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market mutual funds

 

$

—

 

 

$

65,972

 

 

$

—

 

 

$

65,972

 

U.S. government and agency securities

 

 

—

 

 

 

4,978

 

 

 

—

 

 

 

4,978

 

Total cash equivalents

 

 

—

 

 

 

70,950

 

 

 

—

 

 

 

70,950

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency securities

 

 

—

 

 

 

103,054

 

 

 

—

 

 

 

103,054

 

Corporate bonds

 

 

—

 

 

 

52,127

 

 

 

—

 

 

 

52,127

 

Total marketable securities

 

 

—

 

 

 

155,181

 

 

 

—

 

 

 

155,181

 

Total cash equivalents and marketable securities

 

$

—

 

 

$

226,131

 

 

$

—

 

 

$

226,131

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market mutual funds

 

$

—

 

 

$

21,418

 

 

$

—

 

 

$

21,418

 

U.S. government and agency securities

 

 

—

 

 

 

2,496

 

 

 

—

 

 

 

2,496

 

Total cash equivalents

 

 

—

 

 

 

23,914

 

 

 

—

 

 

 

23,914

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency securities

 

 

—

 

 

 

83,144

 

 

 

—

 

 

 

83,144

 

Corporate bonds

 

 

—

 

 

 

123,245

 

 

 

—

 

 

 

123,245

 

Total marketable securities

 

 

—

 

 

 

206,389

 

 

 

—

 

 

 

206,389

 

Total cash equivalents and marketable securities

 

$

—

 

 

$

230,303

 

 

$

—

 

 

$

230,303

 

 

Management estimates that the carrying values of its current accounts receivable, other current assets, accounts payable, accrued expenses and other current liabilities approximate fair value due to the short-term nature of those instruments. Certain non-current accounts receivable are recorded at their present values using a discount rate that is based on prevailing market rates on the date the amounts were initially recorded. Management does not believe there have been any significant changes in market conditions or credit quality that would cause the discount rates initially used to be materially different from those that would be used as of September 30, 2026 to determine the present value of these instruments. Accordingly, management estimates that the carrying values of its non-current accounts receivable approximate the fair value of those instruments. Management estimates that the carrying values of its royalty monetization liabilities approximate fair value. As discussed in Note 7, the carrying values of royalty monetization liabilities are based on the Company’s estimate of future royalties, milestones and other consideration to be paid over the life of the arrangement, which are considered Level 3 inputs, as well as any remaining repayment obligations upon maturity of the instruments.