v3.26.3
Fair Value Measurement (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Components of Available-for-sale Marketable Securities
Available-for-sale marketable debt securities consisted of the following (in thousands):
September 30, 2026
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Commercial paper
$1,969 $— $(2)$1,967 
Corporate debt securities
$143,669 $— $(400)$143,269 
US treasury securities
59,721 — (93)59,628 
$205,359 $— $(495)$204,864 
December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Corporate debt securities
$159,767 $167 $(11)$159,923 
US treasury securities
49,935 40 — 49,975 
$209,702 $207 $(11)$209,898 
Schedule of Contractual Maturities of Available-for-sale Debt Securities
Contractual maturities of available-for-sale debt securities are as follows (in thousands):
September 30, 2026
December 31, 2025
Estimated Fair Value
Within one year
$176,944 $209,898 
After one but within five years27,920 — 
$204,864 $209,898 
Schedule of Gain (Loss) on Securities
Equity investment gains (losses) comprised the following (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Change in unrealized investment gains during the year on securities held at the end of the period
$— $495 $— $224 
Investment gains during the period on securities sold
— 2,975 — 863 
Net gains recognized on equity securities
$— $3,470 $— $1,087 
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis
The following table summarizes, by major security type, our cash equivalents and available-for-sale marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands):
September 30, 2026
Level 1
Level 2
Level 3
Total estimated fair value
Financial assets:
Cash equivalents:
Money market funds$9,603 $— $— $9,603 
Total cash equivalents:9,603 — — 9,603 
Available-for-sale marketable securities:
Commercial paper— 1,967 — 1,967 
Corporate debt securities— 143,269 — 143,269 
US treasury securities59,628 — — 59,628 
Total available-for-sale marketable securities:59,628 145,236 — 204,864 
Total assets measured at fair value
$69,231 $145,236 $— $214,467 
Financial liabilities:
Contingent consideration— — 500 500 
Total financial liabilities$— $— $500 $500 

December 31, 2025
Level 1
Level 2
Level 3
Total estimated fair value
Cash equivalents:
Money market funds$18,637 $— $— $18,637 
Total cash equivalents:18,637 — — 18,637 
Available-for-sale marketable securities:
Corporate debt securities— 159,923 — 159,923 
US treasury securities49,975 — — 49,975 
Total available-for-sale marketable securities:49,975 159,923 — 209,898 
Total assets measured at fair value
$68,612 $159,923 $— $228,535 
Financial liabilities:
Contingent consideration— — 500 500 
Total financial liabilities$— $— $500 $500 
Schedule of Measurement Inputs for Contingent Consideration Liability
The following significant unobservable inputs were used in the valuation of the contingent consideration payable to Zentera as variable consideration for a change in control milestone payment of either zero or $15.0 million pursuant to the termination of our Collaboration and License Agreement at September 30, 2026 and December 31, 2025:
Contingent Consideration Liability
Fair Value
as of
September 30, 2026
Valuation TechniqueUnobservable InputRange
(in thousands)
Milestone payment$500 Discounted cash flowLikelihood of occurrence
1.0% - 2.4%
Discount rate40%
Expected termPerpetuity
Schedule of Activity for Contingent Consideration
The following table reflects the activity for the Company’s contingent consideration, measured at fair value using Level 3 inputs (in thousands):
Contingent consideration at December 31, 2025
$500 
Changes in the fair value of contingent consideration— 
Contingent consideration at September 30, 2026
$500