v3.25.4

Marketable Securities and Fair Value Measurements | 12 Months Ended
--- | ---
Dec. 31, 2025
Marketable Securities [Abstract] |
Marketable Securities and Fair Value Measurements | Note 4. Marketable Securities and Fair Value Measurements Marketable securities consisted of available-for-sale securities as follows (in thousands):
|  | As of December 31, 2025 |
|  |  |  |  |  |  |  |  |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gain |  |  | Loss |  |  | Value |
Short-term marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 31,874 |  |  | $ | 102 |  |  | $ | — |  |  | $ | 31,976 |
U.S. Treasury securities |  |  | 33,296 |  |  |  | 123 |  |  |  | — |  |  |  | 33,419 |
Total short-term marketable securities |  | $ | 65,170 |  |  | $ | 225 |  |  | $ | — |  |  | $ | 65,395 |
Long-term marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 50,341 |  |  | $ | 177 |  |  | $ | — |  |  | $ | 50,518 |
U.S. Treasury securities |  |  | 6,022 |  |  |  | 32 |  |  |  | — |  |  |  | 6,054 |
U.S. government agency debt securities |  |  | 2,999 |  |  |  | 1 |  |  |  | — |  |  |  | 3,000 |
Total long-term marketable securities |  | $ | 59,362 |  |  | $ | 210 |  |  | $ | — |  |  | $ | 59,572 |
|  | As of December 31, 2024 |
|  |  |  |  |  |  |  |  |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gain |  |  | Loss |  |  | Value |
Short-term marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 33,519 |  |  | $ | 23 |  |  | $ | (5 | ) |  | $ | 33,537 |
U.S. Treasury securities |  |  | 30,130 |  |  |  | 27 |  |  |  | (4 | ) |  |  | 30,153 |
Total short-term marketable securities |  | $ | 63,649 |  |  | $ | 50 |  |  | $ | (9 | ) |  | $ | 63,690 |
Long-term marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 33,982 |  |  | $ | 16 |  |  | $ | (43 | ) |  | $ | 33,955 |
U.S. Treasury securities |  |  | 24,146 |  |  |  | 23 |  |  |  | (15 | ) |  |  | 24,154 |
U.S. government agency debt securities |  |  | 3,500 |  |  |  | 1 |  |  |  | — |  |  |  | 3,501 |
Total long-term marketable securities |  | $ | 61,628 |  |  | $ | 40 |  |  | $ | (58 | ) |  | $ | 61,610 |
As of December 31, 2025, the Company’s long-term marketable securities have contractual maturity dates between one and two years. The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):
|  | Fair Value Measurements at December 31, 2025 Using: |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 35,320 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,320 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  | 39,473 |  |  |  | — |  |  |  | — |  |  |  | 39,473 |
Corporate bonds |  |  | — |  |  |  | 82,494 |  |  |  | — |  |  |  | 82,494 |
U.S. government agency debt securities |  |  | — |  |  |  | 3,000 |  |  |  | — |  |  |  | 3,000 |
Total marketable securities |  |  | 39,473 |  |  |  | 85,494 |  |  |  | — |  |  |  | 124,967 |
Total assets |  | $ | 74,793 |  |  | $ | 85,494 |  |  | $ | — |  |  | $ | 160,287 |
|  | Fair Value Measurements at December 31, 2024 Using: |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 85,612 |  |  | $ | — |  |  | $ | — |  |  | $ | 85,612 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  | 54,307 |  |  |  | — |  |  |  | — |  |  |  | 54,307 |
Corporate bonds |  |  | — |  |  |  | 67,492 |  |  |  | — |  |  |  | 67,492 |
U.S. government agency debt securities |  |  | — |  |  |  | 3,501 |  |  |  | — |  |  |  | 3,501 |
Total marketable securities |  |  | 54,307 |  |  |  | 70,993 |  |  |  | — |  |  |  | 125,300 |
Total assets |  | $ | 139,919 |  |  | $ | 70,993 |  |  | $ | — |  |  | $ | 210,912 |
Cash equivalents and U.S. Treasury securities were valued by the Company based on quoted market prices for identical securities, which represent a Level 1 measurement within the fair value hierarchy. Corporate bonds and agency securities were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy. There were no transfers into or out of Level 3 for any of the periods presented.

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