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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2026
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 March 31, 2026 and December 31, 2025:
(in thousands) |  |  |  | Gross Unrealized |  |  |  | Reported as:
March 31, 2026 |  | Amortized Cost |  | Gains |  | Losses |  | Fair Value |  | Cash equivalents |  | Short-term investments |  | Long-term investments
Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds |  | $ | 2,388 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,388 |  |  | $ | 2,388 |  |  | $ | — |  |  | $ | — |
U.S. treasury securities |  | 88,115 |  |  | 62 |  |  | (105) |  |  | 88,072 |  |  | — |  |  | 51,487 |  |  | 36,585 |
Total Level 1 |  | 90,503 |  |  | 62 |  |  | (105) |  |  | 90,460 |  |  | 2,388 |  |  | 51,487 |  |  | 36,585 |
Level 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | 16,746 |  |  | — |  |  | (4) |  |  | 16,742 |  |  | 11,752 |  |  | 4,990 |  |  | — |
Corporate debt securities |  | 1,673 |  |  | — |  |  | (1) |  |  | 1,672 |  |  | — |  |  | 1,672 |  |  | — |
Agency securities |  | 34,057 |  |  | 10 |  |  | (53) |  |  | 34,014 |  |  | — |  |  | 23,094 |  |  | 10,920 |
Total Level 2 |  | 52,476 |  |  | 10 |  |  | (58) |  |  | 52,428 |  |  | 11,752 |  |  | 29,756 |  |  | 10,920 |
Total Level 1 and Level 2 |  | $ | 142,979 |  |  | $ | 72 |  |  | $ | (163) |  |  | $ | 142,888 |  |  | $ | 14,140 |  |  | $ | 81,243 |  |  | $ | 47,505 |
(in thousands) |  |  |  | Gross Unrealized |  |  |  | Reported as:
December 31, 2025 |  | Amortized Cost |  | Gains |  | Losses |  | Fair Value |  | Cash equivalents |  | Short-term investments |  | Long-term investments
Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds |  | $ | 1,528 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,528 |  |  | $ | 1,528 |  |  | $ | — |  |  | $ | — |
U.S. treasury securities |  | 90,066 |  |  | 208 |  |  | — |  |  | 90,274 |  |  | — |  |  | 49,489 |  |  | 40,785 |
Total Level 1 |  | 91,594 |  |  | 208 |  |  | — |  |  | 91,802 |  |  | 1,528 |  |  | 49,489 |  |  | 40,785 |
Level 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | 15,321 |  |  | 1 |  |  | (1) |  |  | 15,321 |  |  | 10,379 |  |  | 4,942 |  |  | — |
Corporate debt securities |  | 1,668 |  |  | 1 |  |  | — |  |  | 1,669 |  |  | — |  |  | 1,669 |  |  | — |
Agency securities |  | 46,838 |  |  | 46 |  |  | (12) |  |  | 46,872 |  |  | — |  |  | 34,918 |  |  | 11,954 |
Total Level 2 |  | 63,827 |  |  | 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 |
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 March 31, 2026 are as follows: ㅤ
(in thousands) |  | Securities in Unrealized Loss Position Less than 12 months |  | Securities in Unrealized Loss Position Greater than 12 months |  | Total
March 31, 2026 |  | Gross Unrealized Losses |  | Fair Market Value |  | Gross Unrealized Losses |  | Fair Market Value |  | Gross Unrealized Losses |  | Fair Market Value
U.S. treasury securities |  | $ | (105) |  |  | $ | 48,570 |  |  | $ | — |  |  | $ | — |  |  | $ | (105) |  |  | $ | 48,570 |
Commercial paper |  | (4) |  |  | 16,742 |  |  | — |  |  | — |  |  | (4) |  |  | 16,742 |
Corporate debt securities |  | (1) |  |  | 1,672 |  |  | — |  |  | — |  |  | (1) |  |  | 1,672 |
Agency securities |  | (51) |  |  | 22,615 |  |  | (2) |  |  | 1,481 |  |  | (53) |  |  | 24,096 |
Total |  | $ | (161) |  |  | $ | 89,599 |  |  | $ | (2) |  |  | $ | 1,481 |  |  | $ | (163) |  |  | $ | 91,080 |
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 three months ended March 31, 2026 and 2025, and had no allowance for credit losses as of March 31, 2026 and December 31, 2025.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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