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Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3. Fair Value Measurements

The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value (in thousands):

 

 

 

Fair value measurements at March 31, 2026 using

 

 

 

Active
Markets
(Level 1)

 

 

Observable
Inputs
(Level 2)

 

 

Unobservable
Inputs
(Level 3)

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents – money market funds

 

$

123,891

 

 

$

-

 

 

$

-

 

 

$

123,891

 

Total financial assets

 

$

123,891

 

 

$

-

 

 

$

-

 

 

$

123,891

 

 

 

 

Fair value measurements at December 31, 2025 using

 

 

 

Active
Markets
(Level 1)

 

 

Observable
Inputs
(Level 2)

 

 

Unobservable
Inputs
(Level 3)

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents – money market funds

 

$

146,196

 

 

$

-

 

 

$

-

 

 

$

146,196

 

Cash equivalents - government securities

 

 

1,987

 

 

 

-

 

 

 

-

 

 

$

1,987

 

Total financial assets

 

$

148,183

 

 

$

-

 

 

$

-

 

 

$

148,183

 

 

Money market funds and government securities are valued by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy. There were no transfers among Level 1, Level 2, or Level 3 categories in the periods presented.

Assets and Liabilities Not Carried at Fair Value

The carrying value of accounts payable and accrued expenses that are reported on the condensed consolidated balance sheets approximate fair value due to the short-term nature of these liabilities. Based on the borrowing rates currently available to the Company for bank loans with similar maturities, the fair value of long-term debt is approximately equal to its carrying amount as of March 31, 2026.