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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Summary of Financial Assets Measured at Fair Value on a Recurring Basis

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy:

 

 

 

March 31, 2026

 

 

 

Fair Value
Hierarchy

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair Market
Value

 

 

 

(In thousands)

 

Money market funds

 

Level 1

 

$

37,729

 

 

$

 

 

$

 

 

$

37,729

 

U.S. government treasury securities

 

Level 1

 

 

6,275

 

 

 

5

 

 

 

(10

)

 

 

6,270

 

Certificates of deposit

 

Level 2

 

 

6,525

 

 

 

3

 

 

 

(1

)

 

 

6,527

 

Commercial paper

 

Level 2

 

 

86,486

 

 

 

1

 

 

 

(37

)

 

 

86,450

 

Corporate bonds

 

Level 2

 

 

68,989

 

 

 

34

 

 

 

(99

)

 

 

68,924

 

Total cash equivalents and
   marketable securities

 

 

 

$

206,004

 

 

$

43

 

 

$

(147

)

 

$

205,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

 

Fair Value
Hierarchy

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair Market
Value

 

 

 

(In thousands)

 

Money market funds

 

Level 1

 

$

36,834

 

 

$

 

 

$

 

 

$

36,834

 

U.S. government treasury securities

 

Level 1

 

 

13,915

 

 

 

13

 

 

 

 

 

 

13,928

 

Certificates of deposit

 

Level 2

 

 

9,468

 

 

 

7

 

 

 

 

 

 

9,475

 

Commercial paper

 

Level 2

 

 

92,887

 

 

 

9

 

 

 

(7

)

 

 

92,889

 

Corporate bonds

 

Level 2

 

 

102,135

 

 

 

151

 

 

 

(7

)

 

 

102,279

 

Total cash equivalents and
    marketable securities

 

 

 

$

255,239

 

 

$

180

 

 

$

(14

)

 

$

255,405