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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements within the Fair Value Hierarchy of Financial Assets and Liabilities

The following table sets forth by level, within the fair value hierarchy, the financial assets, and liabilities carried at fair value on a recurring basis (in thousands):

 

 

 

June 30, 2026

 

 

 

Total

 

 

Quoted prices in active markets for identical assets (Level 1)

 

 

Significant other observable inputs (Level 2)

 

 

Significant unobservable inputs (Level 3)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

   Money market funds

 

$

48,843

 

 

$

48,843

 

 

$

 

 

$

 

   U.S. treasuries with original maturities less than 90 days

 

 

14,969

 

 

 

 

 

 

14,969

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

   United States treasuries

 

 

363,037

 

 

 

 

 

 

363,037

 

 

 

 

Total financial assets

 

$

426,849

 

 

$

48,843

 

 

$

378,006

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

 

Total

 

 

Quoted prices in active markets for identical assets (Level 1)

 

 

Significant other observable inputs (Level 2)

 

 

Significant unobservable inputs (Level 3)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

   Money market funds

 

$

45,710

 

 

$

45,710

 

 

$

 

 

$

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

   United States treasuries

 

 

187,611

 

 

 

 

 

 

187,611

 

 

 

 

Total financial assets

 

$

233,321

 

 

$

45,710

 

 

$

187,611

 

 

$