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Fair Value of Assets and Liabilities
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities

3. Fair Value of Assets and Liabilities

The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of December 31, 2025 and 2024 (in thousands):

Description

 

December 31,
2025

 

 

Quoted prices in
active markets
for identical
assets
(Level 1)

 

 

Significant
other
observable
inputs
(Level 2)

 

 

Significant
unobservable
inputs
(Level 3)

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

58,688

 

 

$

58,688

 

 

$

—

 

 

$

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

  U.S. Government agencies

 

 

84,726

 

 

 

—

 

 

 

84,726

 

 

 

—

 

Total financial assets

 

$

143,414

 

 

$

58,688

 

 

$

84,726

 

 

$

—

 

 

Description

 

December 31,
2024

 

 

Quoted prices in
active markets
for identical
assets
(Level 1)

 

 

Significant
other
observable
inputs
(Level 2)

 

 

Significant
unobservable
inputs
(Level 3)

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

30,845

 

 

$

30,845

 

 

$

—

 

 

$

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

  U.S. Government agencies

 

 

119,401

 

 

 

—

 

 

 

119,401

 

 

 

—

 

Total financial assets

 

$

150,246

 

 

$

30,845

 

 

$

119,401

 

 

$

—

 

 

There were no transfers within the fair value hierarchy for the years ended December 31, 2025 and 2024.