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Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

5. Fair Value Measurements

The following tables present information about the Company’s assets and liabilities that are measured and carried at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value, which is described further within Note 2 - Summary of Significant Accounting Policies to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 are summarized as follows (in thousands):

 

 

June 30, 2026

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

89,133

 

$

—

 

 

$

—

 

Total cash equivalents

 

 

89,133

 

 

 

—

 

 

 

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

 

—

 

 

 

440,035

 

 

 

—

 

Corporate debt securities

 

 

—

 

 

 

89,404

 

 

 

—

 

U.S. government agency securities

 

 

—

 

 

 

89,631

 

 

 

—

 

Total marketable securities

 

 

—

 

 

 

619,070

 

 

 

—

 

Total assets

 

$

89,133

 

 

$

619,070

 

 

$

—

 

 

Financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 are summarized as follows (in thousands):

 

December 31, 2025

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

72,932

 

 

$

—

 

 

$

—

 

Corporate debt securities

 

 

—

 

 

 

9,981

 

 

 

—

 

Total cash equivalents

 

 

72,932

 

 

 

9,981

 

 

 

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

 

—

 

 

 

485,529

 

 

 

—

 

Corporate debt securities

 

 

—

 

 

 

132,941

 

 

 

—

 

U.S. government agency securities

 

 

—

 

 

 

81,537

 

 

 

—

 

Total marketable securities

 

 

—

 

 

 

700,007

 

 

 

—

 

Total assets

 

$

72,932

 

 

$

709,988

 

 

$

—

 

The fair value of the Company’s Level 1 cash equivalents, consisting of money market funds, is based on quoted market prices in active markets with no valuation adjustment. The fair value of the Company’s Level 2 cash equivalents consisting of corporate debt securities with original maturities of three months or less and marketable securities consisting of U.S. treasury, U.S. government agency, and corporate debt securities with original maturities 24 months or less, are determined through third-party pricing services.

There have been no impairments of the Company’s assets measured and carried at fair value during the three and six months ended June 30, 2026 and 2025. There were no changes in valuation techniques or transfers between Level 1, Level 2, and Level 3 financial assets during the three and six months ended June 30, 2026 and 2025. The Company did not have any non-recurring fair value measurements on any assets or liabilities during the three and six months ended June 30, 2026 and 2025.