Fair Value Measurements |
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| Fair Value Measurements | 6. Fair Value Measurements The Company has certain financial assets recorded at fair value, which have been classified as Level 1, 2 or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements. Level 1—Quoted market prices in active markets for identical assets or liabilities. Level 2—Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves. Level 3—Unobservable inputs developed using estimates of assumptions developed by the Company, which reflect those that a market participant would use. To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair values requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. As of September 30, 2026, the Company's financial assets measured at fair value on a recurring basis consisted solely of Level 1 money market funds. As of December 31, 2025, the Company's financial assets measured at fair value on a recurring basis consisted of Level 1 money market funds and Level 2 corporate debt securities. The Company had no financial assets or liabilities measured at fair value on a recurring basis using Level 3 inputs during the periods presented. The following tables set forth the fair value of the Company’s financial assets by level within the fair value hierarchy as of September 30, 2026 and December 31, 2025:
The Company did not transfer any assets measured at fair value on a recurring basis between levels during the nine months ended September 30, 2026. |
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