The following tables set forth the fair value of the Company’s financial assets measured at fair value as of December 31, 2025 and December 31, 2024 in accordance with the fair value hierarchy (in thousands):


	December 31, 2025
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-Term Investment		Long-Term Investment
Cash	$	40,593	$	—	$	—	$	40,593	$	40,593	$	—	$	—
Level 1:
Money market funds	50,652		—		—		50,652		50,652		—		—
Total	$	91,245	$	—	$	—	$	91,245	$	91,245	$	—	$	—


	December 31, 2024
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-Term Investment		Long-Term Investment
Cash	$	30,431	$	—	$	—	$	30,431	$	30,431	$	—	$	—
Level 1:
Money market funds	145,671		—		—		145,671		145,671		—		—
Level 2:
Treasury bills	1,462		1		—		1,463		—		1,463		—
US government bond	33,567		61		(9)		33,619		—		26,566		7,053
U.S. agency securities	6,907		—		(3)		6,904		—		—		6,904
Commercial paper	10,670		2		—		10,672		1,248		9,424		—
Corporate debt securities	53,926		112		(17)		54,021		—		37,677		16,344
Certificates of deposit	3,009		—		—		3,009		—		3,009		—
Subtotal	$	109,541	$	176	$	(29)	$	109,688	$	1,248	$	78,139	$	30,301
Total	$	285,643	$	176	$	(29)	$	285,790	$	177,350	$	78,139	$	30,301

During the years ended December 31, 2025 and 2024, there were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 of the fair value hierarchy.