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Fair Value of Financial Instruments | 3 Months Ended
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Mar. 31, 2026
Fair Value Disclosures [Abstract] |
FAIR VALUE OF FINANCIAL INSTRUMENTS | (4) FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of the Company’s financial assets and liabilities are determined in accordance with the fair value hierarchy established in ASC 820, Fair Value Measurements and Disclosures. The following table presents the Company’s investments, which consist of cash equivalents and investments classified as available-for-sale investments, that are measured at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2026 and December 31, 2025 (in thousands):
|  | March 31, 2026 |
|  | Fair Value Hierarchy Level |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | Level 1 |  | $ | 24,285 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,285 |
U.S. Treasury securities |  | Level 1 |  |  | 4,980 |  |  |  | — |  |  |  | — |  |  |  | 4,980 |
Corporate debt securities |  | Level 2 |  |  | 1,000 |  |  |  | — |  |  |  | — |  |  |  | 1,000 |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | Level 1 |  |  | 27,551 |  |  |  | 3 |  |  |  | (22 | ) |  |  | 27,532 |
Corporate debt securities |  | Level 2 |  |  | 68,919 |  |  |  | 2 |  |  |  | (143 | ) |  |  | 68,778 |
Commercial paper |  | Level 2 |  |  | 11,748 |  |  |  | — |  |  |  | (18 | ) |  |  | 11,730 |
Long-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | Level 1 |  |  | 7,004 |  |  |  | 1 |  |  |  | (10 | ) |  |  | 6,995 |
Corporate debt securities |  | Level 2 |  |  | 21,846 |  |  |  | — |  |  |  | (58 | ) |  |  | 21,788 |
Total |  |  |  | $ | 167,333 |  |  | $ | 6 |  |  | $ | (251 | ) |  | $ | 167,088 |
|  | December 31, 2025 |
|  | Fair Value Hierarchy Level |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | Level 1 |  | $ | 14,682 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,682 |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | Level 1 |  |  | 5,462 |  |  |  | 5 |  |  |  | — |  |  |  | 5,467 |
U.S. government agency securities |  | Level 2 |  |  | 996 |  |  |  | — |  |  |  | — |  |  |  | 996 |
Corporate debt securities |  | Level 2 |  |  | 19,194 |  |  |  | 21 |  |  |  | — |  |  |  | 19,215 |
Commercial paper |  | Level 2 |  |  | 2,738 |  |  |  | 1 |  |  |  | — |  |  |  | 2,739 |
Long-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | Level 2 |  |  | 3,493 |  |  |  | 1 |  |  |  | — |  |  |  | 3,494 |
Total |  |  |  | $ | 46,565 |  |  | $ | 28 |  |  | $ | — |  |  | $ | 46,593 |
The fair value of cash equivalents and available-for-sale investments by classification included in the condensed consolidated balance sheets was as follows as of March 31, 2026 and December 31, 2025 (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2026 |  |  | 2025 |
Cash equivalents |  | $ | 30,265 |  |  | $ | 14,682 |
Short-term investments |  |  | 108,040 |  |  |  | 28,417 |
Long-term investments |  |  | 28,783 |  |  |  | 3,494 |
Total |  | $ | 167,088 |  |  | $ | 46,593 |
Cash and cash equivalents in the above table excludes bank account cash of $2.0 million and $1.7 million as of March 31, 2026 and December 31, 2025, respectively. The fair value of cash equivalents and available-for-sale investments by contractual maturity was as follows as of March 31, 2026 and December 31, 2025 (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2026 |  |  | 2025 |
Maturing in one year or less |  | $ | 138,305 |  |  | $ | 43,099 |
Maturing after one year through five years |  |  | 28,783 |  |  |  | 3,494 |
Total |  | $ | 167,088 |  |  | $ | 46,593 |
The primary objective of the Company’s investment portfolio is to maintain safety of principal, prudent levels of liquidity and acceptable levels of risk. The Company’s investment policy limits investments to certain types of instruments issued by institutions with investment-grade credit ratings, and it places restrictions on maturities and concentration by asset class and issuer. There were no transfers of financial instruments between the fair value measurement levels during the three months ended March 31, 2026 and 2025 and there were no financial instruments classified as Level 3 as of March 31, 2026 and December 31, 2025. As of March 31, 2026 and December 31, 2025, accrued interest receivable related to the Company’s investments of $1.0 million and $0.3 million was included in prepaid expenses and other current assets on the condensed consolidated balance sheet. As of March 31, 2026, the unrealized losses for available-for-sale investments were non-credit related and the Company does not intend to sell the investments that were in an unrealized loss position, nor does it foresee or project that it will be required to sell those investments before recovery of their amortized costs basis, which may be maturity. As of March 31, 2026 and 2025, no allowance for credit losses for the Company’s investments was recorded. As of March 31, 2026 and December 31, 2025, no securities were in a continuous net unrealized loss position for more than 12 months. As of March 31, 2026 and 2025, the Company has no t recognized any impairment losses on available-for-sale investments.

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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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