Fair Value Measurements

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 3. Fair Value Measurements

The Company measures cash equivalents and marketable securities at fair value on a recurring basis using a three-level fair value hierarchy. There were no changes to valuation methodologies during the nine months ended September 30, 2026.

The following tables present the amortized cost, gross unrealized gains and losses, and fair value of cash equivalents and marketable securities by major type and fair value hierarchy level (in thousands):

	September 30, 2026
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash equivalents:
Money market funds	Level 1	$	16,602	$	—	$	—		$	16,602
Marketable securities:
U.S. Treasury securities	Level 1		61,491		—		(151	)		61,340
Total		$	78,093	$	—	$	(151	)	$	77,942

	December 31, 2025
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	Level 1	$	14,925	$	—	$	—	$	14,925
Marketable securities:
U.S. Treasury securities	Level 1		52,516		17		—		52,533
Total		$	67,441	$	17	$	—	$	67,458

Interest receivable was approximately $0.3 million and $0.1 million as of September 30, 2026 and December 31, 2025, respectively, and was included in prepaid expenses and other current assets.

Available-for-Sale Debt Securities in an Unrealized Loss Position

The following table presents the fair value and gross unrealized losses of the Company’s available-for-sale debt securities in a continuous unrealized loss position as of September 30, 2026 (in thousands):

	September 30, 2026
	Fair Value		Gross Unrealized Losses
U.S. Treasury securities in a continuous unrealized loss position for less than 12 months	$	61,340	$	(151	)

No available-for-sale debt securities were in an unrealized loss position as of December 31, 2025. The Company determined that the unrealized losses as of September 30, 2026 were attributable to changes in market interest rates and not to credit-related factors. The Company does not intend to sell these securities, and it is not more likely than not that it will be required to sell them before recovery of their amortized cost bases. Accordingly, no allowance for credit losses was recorded as of September 30, 2026.