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Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table details the assets carried at fair value and measured on a recurring basis within the three levels of fair value as of December 31, 2025 and 2024:
(in thousands)Gross UnrealizedReported as:
December 31, 2025
Amortized CostGainsLossesFair Value
Cash equivalents
Short-term investmentsLong-term investments
Level 1
Mutual funds$1,528 $— $— $1,528 $1,528 $— $— 
U.S. treasury securities90,066 208 — 90,274 — 49,489 40,785 
Total Level 191,594 208 — 91,802 1,528 49,489 40,785 
Level 2
Commercial paper15,321 1 (1)15,321 10,379 4,942 — 
Corporate debt securities1,668 1 — 1,669 — 1,669 — 
Agency securities
46,838 46 (12)46,872 — 34,918 11,954 
Total Level 263,827 48 (13)63,862 10,379 41,529 11,954 
Total Level 1 and Level 2$155,421 $256 $(13)$155,664 $11,907 $91,018 $52,739 
(in thousands)Gross UnrealizedReported as:
December 31, 2024
Amortized CostGainsLossesFair Value
Cash equivalents
Short-term investmentsLong-term investments
Level 1
Mutual funds$521 $— $— $521 $521 $— $— 
U.S. treasury securities
68,529 138 (111)68,556 — 25,836 42,720 
Total Level 169,050 138 (111)69,077 521 25,836 42,720 
Level 2
Commercial paper30,881 3 (6)30,878 26,924 3,954 — 
Agency securities
106,109 210 (177)106,142 — 72,457 33,685 
Total Level 2136,990 213 (183)137,020 26,924 76,411 33,685 
Total Level 1 and Level 2$206,040 $351 $(294)$206,097 $27,445 $102,247 $76,405 

Short-term investments have a contractual maturity date that is one year or less from the respective balance sheet date. Long-term investments have a contractual maturity date that is more than one year, but less than two years from the respective balance sheet date.
The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of December 31, 2025 are as follows:
(in thousands)Securities in Unrealized Loss Position Less than 12 monthsSecurities in Unrealized Loss Position Greater than 12 monthsTotal
December 31, 2025
Gross Unrealized LossesFair Market ValueGross Unrealized LossesFair Market ValueGross Unrealized LossesFair Market Value
U.S. treasury securities$— $998 $— $2,999 $— $3,997 
Commercial paper(1)8,389 — — (1)8,389 
Agency securities
(7)10,457 (5)9,186 (12)19,643 
Total$(8)$19,844 $(5)$12,185 $(13)$32,029 
The Company reviewed its investment portfolio based on the underlying risk profile of the securities and have no loss expectation for these investments. The Company reviewed the securities in an unrealized loss position and evaluated the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, and current economic conditions. The Company recognized no credit losses during the years ended December 31, 2025 and 2024, and had no allowance for credit losses as of December 31, 2025 and 2024.