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Fair Value Measurements and Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Marketable Securities Classified as Available-for-sale Securities

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

 

Schedule of Gross Unrealized Losses and Fair Value of Company's Available-for-Sale Securities

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

)

Schedule of Fair Values of Assets Measured at Fair Value on Recurring Basis

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

 

 

$