Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2026

Financial Instruments Measured at Fair Value on a Recurring Basis

The following tables show the Company’s cash, cash equivalents, and short-term investments by significant investment category as of September 30, 2026 and December 31, 2025 (in thousands):


	September 30, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-term Investments
Cash	$	8,065	$	—	$	—	$	8,065	$	8,065	$	—
Level 1:
Money market funds	10,674		—		—		10,674		10,674		—

Level 2(1):
Commercial paper	7,229		—		(4)		7,225		4,983		2,242
Corporate debt	15,061		2		(17)		15,046		2,998		12,048

U.S. treasury securities	31,685		1		(37)		31,649		2,493		29,156
Subtotal	53,975		3		(58)		53,920		10,474		43,446
Total	$	72,714	$	3	$	(58)	$	72,659	$	29,213	$	43,446


	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-term Investments
Cash	$	30,648	$	—	$	—	$	30,648	$	30,648	$	—
Level 1:
Money market funds	17,156		—		—		17,156		17,156		—

Level 2(1):
Commercial paper	13,035		2		—		13,037		2,989		10,048
Corporate debt	499		—		—		499		—		499

U.S. treasury securities	16,863		6		—		16,869		—		16,869
Subtotal	30,397		8		—		30,405		2,989		27,416
Total	$	78,201	$	8	$	—	$	78,209	$	50,793	$	27,416

(1) The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments use inputs that are either directly or indirectly observable for the asset through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.