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Fair Value
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The Company’s financial instruments that are measured at fair value on a recurring basis consist of money market funds and the Convertible Grant Agreement. The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands):

March 31, 2026
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$263,498 $263,498 $— $— 
Restricted cash:
Money market funds500 500 — — 
Total assets$263,998 $263,998 $— $— 
Liabilities:
Convertible Grant Agreement$2,335 $— $— $2,335 
Total liabilities$2,335 $— $— $2,335 

December 31, 2025
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$176,430 $176,430 $— $— 
Restricted cash:
Money market funds500 500 — — 
Total assets$176,930 $176,930 $— $— 
Liabilities:
Convertible Grant Agreement$2,227 $— $— $2,227 
Total liabilities$2,227 $— $— $2,227 

The Company classifies its money market funds, which are valued based on quoted market prices in an active market with no valuation adjustment, as Level 1 assets within the fair value hierarchy. The Company’s Convertible Grant Agreement is classified as a Level 3 instrument under the fair value hierarchy as the fair values were determined based on significant inputs not observable in the market. See Note 4 for additional information on the Convertible Grant Agreement.