v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table details the assets carried at fair value and measured on a recurring basis within the three levels of fair value as of March 31, 2026 and December 31, 2025:
(in thousands)Gross UnrealizedReported as:
March 31, 2026Amortized CostGainsLossesFair Value
Cash equivalents
Short-term investmentsLong-term investments
Level 1
Mutual funds$2,388 $— $— $2,388 $2,388 $— $— 
U.S. treasury securities88,115 62 (105)88,072 — 51,487 36,585 
Total Level 190,503 62 (105)90,460 2,388 51,487 36,585 
Level 2
Commercial paper16,746 — (4)16,742 11,752 4,990 — 
Corporate debt securities1,673 — (1)1,672 — 1,672 — 
Agency securities34,057 10 (53)34,014 — 23,094 10,920 
Total Level 252,476 10 (58)52,428 11,752 29,756 10,920 
Total Level 1 and Level 2$142,979 $72 $(163)$142,888 $14,140 $81,243 $47,505 
(in thousands)Gross UnrealizedReported as:
December 31, 2025Amortized CostGainsLossesFair Value
Cash equivalents
Short-term investmentsLong-term investments
Level 1
Mutual funds$1,528 $— $— $1,528 $1,528 $— $— 
U.S. treasury securities90,066 208 — 90,274 — 49,489 40,785 
Total Level 191,594 208 — 91,802 1,528 49,489 40,785 
Level 2
Commercial paper15,321 1 (1)15,321 10,379 4,942 — 
Corporate debt securities1,668 1 — 1,669 — 1,669 — 
Agency securities46,838 46 (12)46,872 — 34,918 11,954 
Total Level 263,827 48 (13)63,862 10,379 41,529 11,954 
Total Level 1 and Level 2$155,421 $256 $(13)$155,664 $11,907 $91,018 $52,739 
Short-term investments have a contractual maturity date that is one year or less from the respective balance sheet date. Long-term investments have a contractual maturity date that is more than one year, but less than two years from the respective balance sheet date.
The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of March 31, 2026 are as follows:
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(in thousands)Securities in Unrealized Loss Position Less than 12 monthsSecurities in Unrealized Loss Position Greater than 12 monthsTotal
March 31, 2026Gross Unrealized LossesFair Market ValueGross Unrealized LossesFair Market ValueGross Unrealized LossesFair Market Value
U.S. treasury securities$(105)$48,570 $— $— $(105)$48,570 
Commercial paper(4)16,742 — — (4)16,742 
Corporate debt securities(1)1,672 — — (1)1,672 
Agency securities(51)22,615 (2)1,481 (53)24,096 
Total$(161)$89,599 $(2)$1,481 $(163)$91,080 
The Company reviewed its investment portfolio based on the underlying risk profile of the securities and have no loss expectation for these investments. The Company reviewed the securities in an unrealized loss position and evaluated the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, and current economic conditions. The Company recognized no credit losses during the three months ended March 31, 2026 and 2025, and had no allowance for credit losses as of March 31, 2026 and December 31, 2025.