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

Note 4. Fair Value Measurements

The following tables summarize the Company’s financial assets, which consist of cash equivalents and marketable securities, presented at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

 

 

 

 

 

September 30, 2026

 

 

 

Fair Value
Hierarchy

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair
Value

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

Level 1

 

$

89,262

 

 

$

—

 

 

$

—

 

 

$

89,262

 

Total cash equivalents

 

 

 

$

89,262

 

 

$

—

 

 

$

—

 

 

$

89,262

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

Level 2

 

$

199,431

 

 

$

—

 

 

$

(620

)

 

$

198,811

 

U.S. government securities

 

Level 2

 

 

163,804

 

 

 

1

 

 

 

(423

)

 

 

163,382

 

Total marketable securities

 

 

 

$

363,235

 

 

$

1

 

 

$

(1,043

)

 

$

362,193

 

 

 

 

 

 

December 31, 2025

 

 

 

Fair Value
Hierarchy

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair
Value

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

Level 1

 

$

84,960

 

 

$

—

 

 

$

—

 

 

$

84,960

 

Total cash equivalents

 

 

 

$

84,960

 

 

$

—

 

 

$

—

 

 

$

84,960

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

Level 2

 

$

107,870

 

 

$

65

 

 

$

—

 

 

$

107,935

 

U.S. government securities

 

Level 2

 

 

123,204

 

 

 

154

 

 

 

—

 

 

 

123,358

 

Total marketable securities

 

 

 

$

231,074

 

 

$

219

 

 

$

—

 

 

$

231,293

 

 

The Company did not hold any financial assets that would be classified as Level 3 in the fair value hierarchy during the three and nine months ended September 30, 2026 and 2025.

Certain of the Company’s financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate their fair values due to their liquid or short-term nature, such as cash, prepaid expenses, accounts payable, and accrued expenses.