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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables set forth the fair values of financial assets as of June 30, 2026 and December 31, 2025 that were measured at fair value on a recurring basis (in thousands):

 

 

 

June 30, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

129,963

 

 

$

 

 

$

 

 

$

129,963

 

Commercial paper

 

 

 

 

 

25,956

 

 

 

 

 

 

25,956

 

U.S. government treasury and agency securities

 

 

 

 

 

157,989

 

 

 

 

 

 

157,989

 

Corporate bonds

 

 

 

 

 

20,405

 

 

 

 

 

 

20,405

 

Total financial assets

 

$

129,963

 

 

$

204,350

 

 

$

 

 

$

334,313

 

 

 

 

December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

28,489

 

 

$

 

 

$

 

 

$

28,489

 

Commercial paper

 

 

 

 

 

9,932

 

 

 

 

 

 

9,932

 

U.S. government treasury and agency securities

 

 

 

 

 

125,605

 

 

 

 

 

 

125,605

 

Corporate bonds

 

 

 

 

 

34,182

 

 

 

 

 

 

34,182

 

Total financial assets

 

$

28,489

 

 

$

169,719

 

 

$

 

 

$

198,208