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Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Measurements.  
Fair Value Measurements

5. Fair Value Measurements

​

Financial assets and liabilities are measured and recorded at fair value. The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The fair value hierarchy prioritizes valuation inputs based on the observable nature of those inputs. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the investments and is not a measure of the investment credit quality. The hierarchy defines three levels of valuation inputs:

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●Level 1—Quoted prices in active markets for identical assets or liabilities

​

●Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly

​

●Level 3—Unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability

​

There have been no transfers of assets and liabilities between levels of hierarchy.

​

The Company’s Level 2 investments are valued using third-party pricing sources. 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 investments, issuer credit spreads, benchmark investments, prepayment/default projections based on historical data and other observable inputs.

​

The following tables present information as of June 30, 2026 and December 31, 2025 about the Company’s assets that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy the Company utilized to determine such fair values (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2026

​

​

Fair Value Measured Using

​

Total

​

  ​ ​ ​

(Level 1)

  ​ ​ ​

(Level 2)

  ​ ​ ​

(Level 3)

  ​ ​ ​

Balance

Assets

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

Cash equivalents

​

$

18,226

​

$

—

​

$

—

​

$

18,226

Marketable securities

​

 

—

​

 

196,323

​

 

—

​

 

196,323

​

​

$

18,226

​

$

196,323

​

$

—

​

$

214,549

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

​

Fair Value Measured Using

​

Total

​

  ​ ​ ​

(Level 1)

  ​ ​ ​

(Level 2)

  ​ ​ ​

(Level 3)

  ​ ​ ​

Balance

Assets

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

Cash equivalents

​

$

4,163

​

$

—

​

$

—

​

$

4,163

Marketable securities

​

​

—

​

 

52,174

​

 

—

​

 

52,174

​

​

$

4,163

​

$

52,174

​

$

—

​

$

56,337

​

As of June 30, 2026 and December 31, 2025, the fair value of available for sale marketable securities by type of security were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2026

​

  ​ ​ ​

​

​

  ​ ​ ​

Gross

  ​ ​ ​

Gross

  ​ ​ ​

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

Fair

​

​

Cost

​

Gains

​

Losses

​

Value

U.S. Treasury securities

​

$

170,821

​

$

2

​

$

(589)

​

$

170,234

U.S. Government agency securities

​

​

26,260

​

​

—

​

​

(171)

​

​

26,089

​

​

$

197,081

​

$

2

​

$

(760)

​

$

196,323

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

  ​ ​ ​

​

​

  ​ ​ ​

Gross

  ​ ​ ​

Gross

  ​ ​ ​

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

Fair

​

​

Cost

​

Gains

​

Losses

​

Value

U.S. Treasury securities

​

$

38,622

​

$

53

​

$

—

​

$

38,675

U.S. Government agency securities

​

​

13,489

​

​

10

​

​

—

​

​

13,499

​

​

$

52,111

​

$

63

​

$

—

​

$

52,174

​

​

​

​

As of June 30, 2026, all of the Company’s marketable securities are considered available for current operations and the remaining maturity by type of security is as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

Maturities by Period at Amortized Cost

​

​

​

​

​

Less than

​

​

​

​

  ​ ​ ​

Total

  ​ ​ ​

1 Year

  ​ ​ ​

1-2 years

U.S. Treasury securities

​

$

170,821

​

$

98,927

​

$

71,894

U.S. Government agency securities

​

​

26,260

​

​

7,154

​

​

19,106

​

​

$

197,081

​

$

106,081

​

$

91,000

​