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Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):
March 31, 2026
Level 1Level 2Level 3Total
Assets:
Money market funds and cash
$27,950 $— $— $27,950 
Certificates of deposit
— 5,414 — 5,414 
Commercial paper
— 6,898 — 6,898 
Corporate debt securities— 92,534 — 92,534 
U.S. Treasury and agency securities
91,204 — — 91,204 
Total assets$119,154 $104,846 $— $224,000 
December 31, 2025
Level 1
Level 2
Level 3
Total
Assets:
Money market funds and cash$37,541 $— $— $37,541 
Certificates of deposit
— 5,366 — 5,366 
Commercial paper
— 14,789 — 14,789 
Corporate debt securities— 78,764 — 78,764 
U.S. Treasury and agency securities
$84,522 — — 84,522 
Total assets$122,063 $98,919 $— $220,982 
Money market funds and U.S. Treasury and agency securities are valued based on quoted market prices in active markets, with no valuation adjustment.
Commercial paper, certificates of deposit and corporate debt securities are valued taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities; issuer credit spreads; benchmark securities; prepayment/default projections based on historical data; and other observable inputs.
The following table summarizes the estimated value of the Company’s cash, cash equivalents and marketable securities, and the gross unrealized holding gains and losses (in thousands):
March 31, 2026
Amortized
cost		Unrealized
gains		Unrealized
losses		Estimated
fair value
Cash and cash equivalents:
Money market funds and cash
$27,950 $— $— $27,950 
Certificates of deposit5,414 — — 5,414 
U.S. Treasury & agency securities

1,398 — — 1,398 
Total cash and cash equivalents$34,762 $— $— $34,762 
Marketable securities:
Commercial paper
$6,900 $1 $(3)$6,898 
Corporate debt securities92,685 11 (162)92,534 
U.S. Treasury and agency securities
89,891 1 (86)89,806 
Total marketable securities$189,476 $13 $(251)$189,238 


December 31, 2025
Amortized
cost		Unrealized
gains		Unrealized
losses		Estimated
fair value
Cash and cash equivalents:
Money market funds and cash
$37,541 $— $— $37,541 
Certificates of deposit5,366 — — 5,366 
Total cash and cash equivalents$42,907 $— $— $42,907 
Marketable securities:
Commercial paper
$14,782 $8 $(1)$14,789 
Corporate debt securities78,687 81 (4)78,764 
U.S. Treasury and agency securities
84,493 45 (16)84,522 
Total marketable securities$177,962 $134 $(21)$178,075 

As of March 31, 2026, no significant facts or circumstances were present to indicate a deterioration in the creditworthiness of the issuers of the available-for-sale securities. The Company generally holds its marketable securities until maturity and does not intend to sell, and is not required to sell, the investments that are in an unrealized loss position before the recovery of their amortized cost basis. For each security with a fair value less than its amortized cost basis, the Company determined the decline in fair value below the amortized cost basis to be non-credit related, and no allowance for losses has been recorded. As of March 31, 2026, there were no individual securities that were in a significant unrealized loss position. To date, the Company has not recorded any impairment charges on available-for-sale securities.
The Company has elected the practical expedient to exclude the applicable accrued interest from both the fair value and the amortized cost basis of its available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable related to available-for-sale securities is presented in prepaid expenses and other current assets, separate from marketable securities, on the consolidated balance sheet. As of March 31, 2026 and December 31, 2025, accrued interest receivable was immaterial. The Company has made an accounting policy election not to recognize an allowance for credit losses for accrued interest receivables on available-for-sale securities and to write off any uncollectible accrued interest receivable by recognizing credit loss expense. The Company has not written off any accrued interest receivables as of March 31, 2026 and December 31, 2025.
The following table summarizes the amortized cost and fair value of marketable securities by contractual maturity at March 31, 2026 and December 31, 2025.
March 31, 2026December 31, 2025
Amortized
cost		Estimated
fair value		Amortized
cost		Estimated
fair value
Maturing within one year
$140,444$140,367$138,281$138,395
Maturing in one to five years
49,03248,87139,68139,680
Total marketable securities
$189,476$189,238$177,962$178,075