The Company has classified all of its marketable securities as “available-for-sale”. The Company records available-for-sale securities at fair value, with the unrealized gains and losses included as a separate component of other accumulated comprehensive income (loss). There were no realized gains or losses recognized in the periods presented.

The Company adjusts the cost of available-for-sale debt securities for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in interest income. The cost of securities sold is based on the specific identification method. The Company includes interest and dividends on securities classified as available-for-sale in interest income. Accrued interest receivable relating to the Company's available-for-sale securities is presented within prepaid expenses and other current assets in the accompanying consolidated balance sheets, and amounted to $0.1 million and $0.1 million at December 31, 2025 and 2024, respectively.

Marketable securities, which are classified as available-for-sale, consisted of the following (in thousands):


December 31, 2025	Amortized Cost Basis		Unrealized Gain		Unrealized Loss		Fair Values
	(in thousands)
Treasury bills	$	90,288	$	40	$	—	$	90,328
Total marketable securities	$	90,288	$	40	$	—	$	90,328


December 31, 2024	Amortized Cost Basis		Unrealized Gain		Unrealized Loss		Fair Values
	(in thousands)
Treasury bills	$	98,939	$	171	$	—	$	99,110
Total marketable securities	$	98,939	$	171	$	—	$	99,110