XML 21 R12.htm IDEA: XBRL DOCUMENT v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

4. Fair Value Measurements

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 June 30, 2026 Using:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

42,141

 

 

$

—

 

 

$

—

 

 

$

42,141

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

110,184

 

 

 

—

 

 

 

—

 

 

 

110,184

 

Corporate bonds

 

 

—

 

 

 

77,943

 

 

 

—

 

 

 

77,943

 

U.S. government agency debt securities

 

 

—

 

 

 

6,987

 

 

 

—

 

 

 

6,987

 

Total marketable securities

 

 

110,184

 

 

 

84,930

 

 

 

—

 

 

 

195,114

 

Total assets

 

$

152,325

 

 

$

84,930

 

 

$

—

 

 

$

237,255

 

 

 

 

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

 
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. There have been no changes in valuation techniques, inputs utilized or transfers between fair measurement levels in the periods presented. 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. The carrying amounts reflected in the Company’s condensed consolidated balance sheets for cash and cash equivalents, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities approximate fair value due to the short-term nature of these assets and liabilities.