| Schedule of Assets Measured at Fair Value on Recurring Basis |
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2026 and December 31, 2025 (in thousands):
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Fair Value Measurements at
Reporting Date Using |
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Total |
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Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1) |
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Significant
Other
Observable
Inputs
(Level 2) |
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Significant
Unobservable
Inputs
(Level 3) |
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As of September 30, 2026 |
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Financial assets: |
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Money market funds |
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$ |
19,353 |
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$ |
19,353 |
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$ |
— |
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$ |
— |
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U.S. Treasury debt securities |
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27,320 |
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27,320 |
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— |
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— |
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Non-US government securities |
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3,889 |
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— |
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3,889 |
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— |
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Corporate debt securities |
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30,914 |
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— |
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30,914 |
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— |
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Commercial paper |
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55,462 |
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— |
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55,462 |
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— |
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Total financial assets measured at fair value on a recurring basis |
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$ |
136,938 |
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$ |
46,673 |
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$ |
90,265 |
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$ |
— |
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Financial liabilities: |
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Stock price appreciation milestones |
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$ |
792 |
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$ |
— |
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$ |
— |
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$ |
792 |
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Total financial liabilities measured at fair value on a recurring basis |
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$ |
792 |
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$ |
— |
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$ |
— |
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$ |
792 |
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As of December 31, 2025 |
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Financial assets: |
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Money market funds |
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$ |
31,693 |
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$ |
31,693 |
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$ |
— |
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$ |
— |
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U.S. Treasury debt securities |
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33,779 |
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33,779 |
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— |
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— |
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Non-U.S. government securities |
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3,247 |
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— |
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3,247 |
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— |
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Corporate debt securities |
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87,710 |
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— |
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87,710 |
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— |
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Commercial paper |
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41,941 |
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— |
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41,941 |
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— |
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Total assets measured at fair value on a recurring basis |
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$ |
198,370 |
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$ |
65,472 |
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$ |
132,898 |
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$ |
— |
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Financial liabilities: |
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Stock price appreciation milestones |
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$ |
283 |
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$ |
— |
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$ |
— |
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$ |
283 |
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Total financial liabilities measured at fair value on a recurring basis |
|
$ |
283 |
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$ |
— |
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$ |
— |
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$ |
283 |
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| Summary of Changes in the Fair Value of the Company's Level 3 Enterprise Fair Value Milestone Payment Liability |
The following table presents the changes in fair value of the Company’s Level 3 stock price appreciation milestones liability for the nine months ended September 30, 2026 (in thousands):
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Balance at December 31, 2025 |
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$ |
283 |
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Changes in fair value of stock price appreciation milestones liability |
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|
80 |
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Balance at March 31, 2026 |
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$ |
363 |
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Changes in fair value of stock price appreciation milestones liability |
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|
580 |
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Balance at June 30, 2026 |
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$ |
943 |
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Changes in fair value of stock price appreciation milestones liability |
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|
(151 |
) |
Balance at September 30, 2026 |
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$ |
792 |
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The following table presents the changes in fair value of the Company’s Level 3 stock price appreciation milestones liability for the three and nine months ended September 30, 2025 (in thousands):
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Balance at December 31, 2024 |
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$ |
527 |
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Changes in fair value of stock price appreciation milestones liability |
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(280 |
) |
Balance at March 31, 2025 |
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$ |
247 |
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Changes in fair value of stock price appreciation milestones liability |
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|
73 |
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Balance at June 30, 2025 |
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$ |
320 |
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Changes in fair value of stock price appreciation milestones liability |
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|
90 |
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Balance at September 30, 2025 |
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$ |
410 |
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