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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Measurements.

Schedule of fair value of assets measured at fair value on a recurring basis, by level of fair value hierarchy

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

Schedule of fair value of available for sale marketable securities

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

Schedule of remaining maturity by type of security

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

​

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- References

No definition available.

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X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

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- Definition

Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

+ References

No definition available.

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