Fair value measurement

9 Months Ended

Sep. 30, 2025

Fair value measurement

Fair value measurement

3. Fair value measurement

The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

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 not 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.

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

	September 30, 2025
	Level	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
Cash equivalents:
Money market funds	1	$	271,596	$	—	$	—	$	271,596
Total financial assets		$	271,596	$	—	$	—	$	271,596

	December 31, 2024
	Level	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
Cash equivalents:
Money market funds	1	$	46,987	$	—	$	—	$	46,987
U.S. treasury securities	2		94,379		40		—		94,419
Marketable securities:
U.S. treasury securities	2		73,935		17		—		73,952
Total financial assets		$	215,301	$	57	$	—	$	215,358