Fair Value Measurements and Short-Term Investments

12 Months Ended

Dec. 31, 2025

Fair Value Measurements and Short-Term Investments

The following tables sets forth the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2025 and 2024:


		December 31, 2025
	Fair Value Hierarchy Level	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Credit (Loss)		Fair Value
Financial assets included within cash and cash equivalents:
Money market funds	Level 1	$	163,588	$	—	$	—	$	—	$	163,588
U.S. Government treasury bills	Level 2	45,300		12		—		—		45,312
Financial assets included within short-term investments:
Certificate of deposit	Level 2	25,000		—		—		—		25,000
U.S. Government treasury bills	Level 2	463,022		160		—		—		463,182
Total		$	696,910	$	172	$	—	$	—	$	697,082


		December 31, 2024
	Fair Value Hierarchy Level	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Credit (Loss)		Fair Value
Financial assets included within cash and cash equivalents:
Money market funds	Level 1	$	88,599	$	—	$	—	$	—	$	88,599
Financial assets included within short-term investments:
U.S. Government treasury bills	Level 2	307,387		100		—		—		307,487
Total		$	395,986	$	100	$	—	$	—	$	396,086

The tables above do not include cash at December 31, 2025 and 2024 of $16,366 and $16,263, respectively.

The Company believes that the carrying amounts of prepaid expenses, other current assets, accounts payable, and accrued expenses approximates their fair values due to the short-term nature of those instruments.

Realized gain (loss) on short-term investments for the years ended December 31, 2025 and 2024 were immaterial, respectively.