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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Summary of Financial Assets And Liabilities Measured at Fair Value on a Recurring Basis

The following fair value hierarchy table presents information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):

 

 

December 31, 2025

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

182,234

 

 

$

 

 

$

 

 

$

182,234

 

Commercial paper

 

 

 

 

 

5,736

 

 

 

 

 

 

5,736

 

Corporate debt securities

 

 

 

 

 

642

 

 

 

 

 

 

642

 

Cash equivalents

 

$

182,234

 

 

$

6,378

 

 

$

 

 

$

188,612

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds

 

$

41,093

 

 

$

 

 

$

 

 

$

41,093

 

Commercial paper

 

 

 

 

 

5,053

 

 

 

 

 

 

5,053

 

U.S. government agency bonds

 

 

 

 

 

11,613

 

 

 

 

 

 

11,613

 

Corporate debt securities

 

 

 

 

 

32,941

 

 

 

 

 

 

32,941

 

Foreign corporate debt securities

 

 

 

 

 

1,510

 

 

 

 

 

 

1,510

 

Short-term marketable securities

 

$

41,093

 

 

$

51,117

 

 

$

 

 

$

92,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds

 

$

4,032

 

 

$

 

 

$

 

 

$

4,032

 

Long-term marketable securities

 

$

4,032

 

 

$

 

 

$

 

 

$

4,032

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fair value of financial assets

 

$

227,359

 

 

$

57,495

 

 

$

 

 

$

284,854

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liability

 

$

 

 

$

 

 

$

370

 

 

$

370

 

 

 

December 31, 2024

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents — Money market funds

 

$

354,061

 

 

$

 

 

$

 

 

$

354,061

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liability

 

$

 

 

$

 

 

$

156

 

 

$

156

 

Summary of Company's Cash Equivalents and Marketable Securities' Amortized Costs, Gross Unrealized Gains, Gross Unrealized Losses and Estimated Fair Values by Significant Investment Category

The following tables summarize the Company's cash equivalents and marketable securities' amortized costs, gross unrealized gains, gross unrealized losses, and estimated fair values by significant investment category (in thousands):

 

 

 

 

 

 

Unrealized

 

 

 

 

December 31, 2025

 

Contractual Maturity

 

Amortized Cost

 

 

Losses

 

 

Gains

 

 

Fair Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

Three months or less

 

$

182,234

 

 

$

 

 

$

 

 

$

182,234

 

Commercial paper

 

Three months or less

 

 

5,736

 

 

 

 

 

 

 

 

 

5,736

 

Corporate debt securities

 

Three months or less

 

 

642

 

 

 

 

 

 

 

 

 

642

 

Cash equivalents

 

 

 

$

188,612

 

 

$

 

 

$

 

 

$

188,612

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds

 

Less than 1 year

 

 

41,014

 

 

 

 

 

 

79

 

 

 

41,093

 

Commercial paper

 

Less than 1 year

 

 

5,051

 

 

 

 

 

 

2

 

 

 

5,053

 

U.S. government agency bonds

 

Less than 1 year

 

 

11,604

 

 

 

 

 

 

9

 

 

 

11,613

 

Corporate debt securities

 

Less than 1 year

 

 

32,933

 

 

 

(4

)

 

 

12

 

 

 

32,941

 

Foreign corporate debt securities

 

Less than 1 year

 

 

1,510

 

 

 

 

 

 

 

 

 

1,510

 

Short-term marketable securities

 

 

 

$

92,112

 

 

$

(4

)

 

$

102

 

 

$

92,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds

 

1 to 2 years

 

 

4,008

 

 

 

 

 

 

24

 

 

 

4,032

 

Long-term marketable securities

 

 

 

$

4,008

 

 

$

 

 

$

24

 

 

$

4,032

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total financial assets

 

 

 

$

284,732

 

 

$

(4

)

 

$

126

 

 

$

284,854

 

 

 

 

 

 

 

 

Unrealized

 

 

 

 

December 31, 2024

 

Contractual Maturity

 

Amortized Cost

 

 

Losses

 

 

Gains

 

 

Fair Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

Three months or less

 

$

354,061

 

 

$

 

 

$

 

 

$

354,061

 

Cash equivalents

 

 

 

$

354,061

 

 

$

 

 

$

 

 

$

354,061

 

Summary of Changes in Fair Value of the Warrant Liability

The following table sets forth the changes in fair value of the warrant liability for the year ended December 31, 2025 (in thousands):

Fair value at December 31, 2024

 

$

156

 

Changes in fair value

 

 

214

 

Fair value at December 31, 2025

 

$

370