XML 20 R15.htm IDEA: XBRL DOCUMENT v3.26.1
Organization and Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of Financial Instruments Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s financial instruments measured at fair value on a recurring basis (in thousands):

 

 

 

 

 

 

Fair Value Measurements at
Reporting Date Using

 

 

 

Total

 

 

Quoted Prices in
Active Markets for
Identical Assets
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

As of June 30, 2026:

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

5,931

 

 

$

5,931

 

 

$

—

 

 

$

—

 

Commercial paper

 

 

7,092

 

 

 

—

 

 

 

7,092

 

 

 

—

 

Total cash equivalents

 

 

13,023

 

 

 

5,931

 

 

 

7,092

 

 

 

—

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

138,720

 

 

 

138,720

 

 

 

—

 

 

 

—

 

U.S. agency bonds

 

 

400,924

 

 

 

—

 

 

 

400,924

 

 

 

—

 

Corporate debt securities

 

 

246,298

 

 

 

—

 

 

 

246,298

 

 

 

—

 

Commercial paper

 

 

157,203

 

 

 

—

 

 

 

157,203

 

 

 

—

 

Total short-term investments

 

 

943,145

 

 

 

138,720

 

 

 

804,425

 

 

 

—

 

Restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Money market account

 

 

816

 

 

 

816

 

 

 

—

 

 

 

—

 

Total restricted cash

 

 

816

 

 

 

816

 

 

 

—

 

 

 

—

 

Total assets measured at fair value on a recurring basis

 

$

956,984

 

 

$

145,467

 

 

$

811,517

 

 

$

—

 

 

 

 

 

 

 

 

Fair Value Measurements at
Reporting Date Using

 

 

 

Total

 

 

Quoted Prices in
Active Markets for
Identical Assets
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

As of December 31, 2025:

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

41,085

 

 

$

41,085

 

 

$

—

 

 

$

—

 

Commercial paper

 

 

9,478

 

 

 

—

 

 

 

9,478

 

 

 

—

 

Total cash equivalents

 

 

50,563

 

 

 

41,085

 

 

 

9,478

 

 

 

—

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

123,296

 

 

 

123,296

 

 

 

—

 

 

 

—

 

U.S. agency bonds

 

 

392,008

 

 

 

—

 

 

 

392,008

 

 

 

—

 

Corporate debt securities

 

 

317,168

 

 

 

—

 

 

 

317,168

 

 

 

—

 

Commercial paper

 

 

81,761

 

 

 

—

 

 

 

81,761

 

 

 

—

 

Total short-term investments

 

 

914,233

 

 

 

123,296

 

 

 

790,937

 

 

 

—

 

Restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Money market account

 

 

816

 

 

 

816

 

 

 

—

 

 

 

—

 

Total restricted cash

 

 

816

 

 

 

816

 

 

 

—

 

 

 

—

 

Total assets measured at fair value on a recurring basis

 

$

965,612

 

 

$

165,197

 

 

$

800,415

 

 

$

—

 
Reconciliation of Cash and Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying balance sheets that sum to the amounts shown in the condensed statements of cash flows (in thousands):

 

 

June 30,
2026

 

 

December 31,
2025

 

 Cash and cash equivalents

 

$

27,768

 

 

$

52,334

 

 Restricted cash

 

 

816

 

 

 

816

 

 Total cash and cash equivalents and restricted cash

 

$

28,584

 

 

$

53,150

 
Summary of Short-Term Investments

The following tables summarize short-term investments (in thousands):

 

 

 

As of June 30, 2026

 

 

 

Amortized

 

 

Unrealized

 

 

Estimated

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

U.S. Treasury securities

 

$

139,999

 

 

$

5

 

 

$

(1,284

)

 

$

138,720

 

U.S. agency bonds

 

 

402,004

 

 

 

324

 

 

 

(1,404

)

 

 

400,924

 

Corporate debt securities

 

 

246,056

 

 

 

298

 

 

 

(56

)

 

 

246,298

 

Commercial paper

 

 

157,391

 

 

 

—

 

 

 

(188

)

 

 

157,203

 

Total

 

$

945,450

 

 

$

627

 

 

$

(2,932

)

 

$

943,145

 

 

 

 

As of December 31, 2025

 

 

 

Amortized

 

 

Unrealized

 

 

Estimated

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

U.S. Treasury securities

 

$

123,072

 

 

$

233

 

 

$

(9

)

 

$

123,296

 

U.S. agency bonds

 

 

389,831

 

 

 

2,195

 

 

 

(18

)

 

 

392,008

 

Corporate debt securities

 

 

315,294

 

 

 

1,874

 

 

 

—

 

 

 

317,168

 

Commercial paper

 

 

81,720

 

 

 

47

 

 

 

(6

)

 

 

81,761

 

Total

 

$

909,917

 

 

$

4,349

 

 

$

(33

)

 

$

914,233

 
Schedule of Contractual Maturities of Available-for-sale Debt Securities

Contractual maturities of available-for-sale debt securities are as follows (in thousands):

 

 

 

As of June 30, 2026

 

 

 

Due in 1 Year or Less

 

 

Due Between 1 and 3 Years

 

 U.S. Treasury securities

 

$

27,034

 

 

$

111,686

 

 U.S. agency bonds

 

 

186,461

 

 

 

214,463

 

 Corporate debt securities

 

 

210,723

 

 

 

35,575

 

 Commercial paper

 

 

157,203

 

 

 

—

 

 Total

 

$

581,421

 

 

$

361,724

 

 

 

 

As of December 31, 2025

 

 

 

Due in 1 Year or Less

 

 

Due Between 1 and 3 Years

 

 U.S. Treasury securities

 

$

40,011

 

 

$

83,285

 

 U.S. agency bonds

 

 

162,804

 

 

 

229,204

 

 Corporate debt securities

 

 

185,835

 

 

 

131,333

 

 Commercial paper

 

 

81,761

 

 

 

—

 

 Total

 

$

470,411

 

 

$

443,822

 
Summary of Potentially Dilutive Shares Not Included in the Calculation of Net Loss Per Share

Potentially dilutive securities not included in the calculation of diluted net loss per share, because to do so would be anti-dilutive, are as follows (in common stock equivalent shares):

 

 

 

As of June 30,

 

 

 

2026

 

 

2025

 

Common stock options outstanding

 

 

10,020,149

 

 

 

10,210,004

 

Unvested RSUs

 

 

1,095,189

 

 

 

686,690

 

Employee stock purchase plan shares

 

 

10,002

 

 

 

10,203

 

Total potentially dilutive shares

 

 

11,125,340

 

 

 

10,906,897