v3.26.1
FAIR VALUE MEASUREMENTS
6 Months Ended
Jun. 30, 2026
FAIR VALUE MEASUREMENTS  
FAIR VALUE MEASUREMENTS

5. FAIR VALUE MEASUREMENTS

Money market funds are classified as Level 1 fair value instruments. Investments in available-for-sale debt securities are classified as Level 2 and carried at fair value, which the Company estimates utilizing a third-party pricing service. The pricing service utilizes industry standard valuation models whereby all significant

inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, or other market-related data, are observable. The Company validates valuations obtained from third-party services by obtaining market values from other pricing sources. The Company did not classify any assets or liabilities as Level 3 as of June 30, 2026, or December 31, 2025.

The Company’s assets measured at fair value consisted of the following:

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June 30, 2026

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December 31, 2025

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Total

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Level 1

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Level 2

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Total

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Level 1

​

Level 2

Assets

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash equivalents

$

275,765

​

275,765

​

—

​

$

225,605

​

225,605

​

—

Commercial paper

​

44,488

​

—

​

44,488

​

​

8,371

​

—

​

8,371

Corporate debt securities

​

325,634

​

—

​

325,634

​

​

104,147

​

—

​

104,147

U.S. government securities

​

42,568

​

—

​

42,568

​

​

17,447

​

—

​

17,447

Total

$

688,455

​

275,765

​

412,690

​

$

355,570

​

225,605

​

129,965

​