v3.26.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3. Fair Value Measurements

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

 

 

December 31,

 

 

Quoted Prices in Active Markets for Identical Assets
(Level 1)

 

 

Significant Other Observable Inputs
(Level 2)

 

 

Significant Unobservable Inputs
(Level 3)

 

 

 

2025

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

    Money market funds

 

$

15,087

 

 

$

15,087

 

 

$

—

 

 

$

—

 

Total cash equivalents

 

$

15,087

 

 

$

15,087

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

 

 

December 31,

 

 

Quoted Prices in Active Markets for Identical Assets
(Level 1)

 

 

Significant Other Observable Inputs
(Level 2)

 

 

Significant Unobservable Inputs
(Level 3)

 

 

 

2024

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

    Money market funds

 

$

23,214

 

 

$

23,214

 

 

$

—

 

 

$

—

 

    U.S. treasury bills

 

 

6,995

 

 

 

—

 

 

 

6,995

 

 

 

—

 

Total cash equivalents

 

$

30,209

 

 

$

23,214

 

 

$

6,995

 

 

$

—

 

As of December 31, 2025, the Company’s cash equivalents were invested in money market funds, which were valued based on Level 1 inputs. The Company had no short-term investments at December 31, 2025.

As of December 31, 2024, the Company’s cash equivalents were invested in money market funds and U.S. treasury bills with maturity dates of less than 90 days, which were valued based on Level 2 inputs. The Company had no short-term investments at December 31, 2024.

The carrying values of the Company’s accounts payable and accrued expenses approximate their fair values due to the short-term nature of these liabilities.