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Fair Value Measurements and Fair Value of Financial Instruments | 12 Months Ended
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Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurements and Fair Value of Financial Instruments | 3. Fair Value Measurements and Fair Value of Financial Instruments The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are no t active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. During the years ended December 31, 2025 and 2024, financial assets measured on a recurring basis consist of cash invested in money market accounts, short-term investments, and long-term investments. The fair value of short and long-term investments is based upon market prices quoted on the last day of the fiscal period or other observable market inputs. The Company obtains pricing information from its investment manager and generally determines the fair value of investment securities using standard observable inputs, including reported trades, broker/dealer quotes, bids and/or offers. There were no transfers in or out of Level 3 fair value measurements during the years ended December 31, 2025 and 2024. Marketable securities, all of which are classified as available-for-sale securities, consisted of the following at December 31, 2025 and 2024 (in thousands):
|  | December 31, 2025 |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Asset-backed securities |  | $ | 5,334 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 5,340 |
U.S. treasury securities |  |  | 991 |  |  |  | 1 |  |  |  | — |  |  |  | 992 |
Other agency securities |  |  | 995 |  |  |  | — |  |  |  | — |  |  |  | 995 |
Commercial paper |  |  | 7,682 |  |  |  | 1 |  |  |  | — |  |  |  | 7,683 |
Corporate debt securities |  |  | 5,128 |  |  |  | 1 |  |  |  | — |  |  |  | 5,129 |
Total |  | $ | 20,130 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 20,139 |
|  | December 31, 2024 |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Asset-backed securities |  | $ | 19,998 |  |  | $ | 46 |  |  | $ | (10 | ) |  | $ | 20,034 |
U.S. treasury securities |  |  | 14,346 |  |  |  | 18 |  |  |  | — |  |  |  | 14,364 |
Commercial paper |  |  | 2,079 |  |  |  | 3 |  |  |  | — |  |  |  | 2,082 |
Corporate debt securities |  |  | 26,478 |  |  |  | 46 |  |  |  | (6 | ) |  |  | 26,518 |
Total |  | $ | 62,901 |  |  | $ | 113 |  |  | $ | (16 | ) |  | $ | 62,998 |
As of December 31, 2025, the unrealized losses for available-for-sale investments were primarily due to changes in interest rates and not due to increased credit risks associated with specific securities. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. The Company does not currently intend to sell the investments. As of December 31, 2025, no allowance for credit losses was recorded and the Company did not recognize any impairment losses related to investments. The tables below show the gross unrealized losses and fair value of the Company's available-for-sale securities with unrealized losses that are not deemed to have credit losses (in thousands), aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2025 and 2024, respectively:
|  | December 31, 2025 |
|  | Less Than 12 Months |  |  | More Than 12 Months |  |  | Total |
|  | Estimated |  |  | Unrealized |  |  | Estimated |  |  | Unrealized |  |  | Estimated |  |  | Unrealized |
|  | Fair Value |  |  | Losses |  |  | Fair Value |  |  | Losses |  |  | Fair Value |  |  | Losses |
Asset-backed securities |  | $ | 1,003 |  |  | $ | — |  |  | $ | 4,337 |  |  | $ | — |  |  | $ | 5,340 |  |  | $ | — |
U.S. treasury securities |  |  | 992 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 992 |  |  |  | — |
Other agency securities |  |  | 995 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 995 |  |  |  | — |
Commercial paper |  |  | 7,683 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,683 |  |  |  | — |
Corporate debt securities |  |  | 5,129 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,129 |  |  |  | — |
Total |  | $ | 15,802 |  |  | $ | — |  |  | $ | 4,337 |  |  | $ | — |  |  | $ | 20,139 |  |  | $ | — |
|  | December 31, 2024 |
|  | Less Than 12 Months |  |  | More Than 12 Months |  |  | Total |
|  | Estimated |  |  | Unrealized |  |  | Estimated |  |  | Unrealized |  |  | Estimated |  |  | Unrealized |
|  | Fair Value |  |  | Losses |  |  | Fair Value |  |  | Losses |  |  | Fair Value |  |  | Losses |
Asset-backed securities |  | $ | 2,000 |  |  | $ | — |  |  | $ | 18,034 |  |  | $ | (10 | ) |  | $ | 20,034 |  |  | $ | (10 | )
U.S. treasury securities |  |  | 10,382 |  |  |  | — |  |  |  | 3,982 |  |  |  | — |  |  |  | 14,364 |  |  |  | — |
Commercial paper |  |  | 2,082 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,082 |  |  |  | — |
Corporate debt securities |  |  | 14,710 |  |  |  | — |  |  |  | 11,808 |  |  |  | (6 | ) |  |  | 26,518 |  |  |  | (6 | )
Total |  | $ | 29,174 |  |  | $ | — |  |  | $ | 33,824 |  |  | $ | (16 | ) |  | $ | 62,998 |  |  | $ | (16 | )
Accrued interest receivable on available-for-sale securities were $0.1 million and $0.3 million at December 31, 2025 and 2024, respectively, which are recorded in cash and cash equivalents line item on the Company's balance sheets. The Company has not written off any accrued interest receivables for the years ended December 31, 2025 and 2024. At December 31, 2025 and 2024, the fair values of the Company’s assets, which are measured at fair value on a recurring basis, were determined using the following inputs (in thousands):
|  | December 31, 2025 |
|  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Money market funds |  | $ | 7,755 |  |  | $ | 7,755 |  |  | $ | — |  |  | $ | — |
Asset-backed securities |  |  | 5,340 |  |  |  | — |  |  |  | 5,340 |  |  |  | — |
U.S. treasury securities |  |  | 992 |  |  |  | 992 |  |  |  | — |  |  |  | — |
Other agency securities |  |  | 995 |  |  |  | — |  |  |  | 995 |  |  |  | — |
Commercial paper |  |  | 7,683 |  |  |  | — |  |  |  | 7,683 |  |  |  | — |
Corporate debt securities |  |  | 5,129 |  |  |  | — |  |  |  | 5,129 |  |  |  | — |
Total |  | $ | 27,894 |  |  | $ | 8,747 |  |  | $ | 19,147 |  |  | $ | — |
|  | December 31, 2024 |
|  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Money market funds |  | $ | 5,620 |  |  | $ | 5,620 |  |  | $ | — |  |  | $ | — |
Asset-backed securities |  |  | 20,034 |  |  |  | — |  |  |  | 20,034 |  |  |  | — |
U.S. treasury securities |  |  | 14,364 |  |  |  | 12,379 |  |  |  | 1,985 |  |  |  | — |
Commercial paper |  |  | 2,082 |  |  |  | — |  |  |  | 2,082 |  |  |  | — |
Corporate debt securities |  |  | 26,518 |  |  |  | — |  |  |  | 26,518 |  |  |  | — |
Total |  | $ | 68,618 |  |  | $ | 17,999 |  |  | $ | 50,619 |  |  | $ | — |

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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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