It is the Company’s policy to mitigate credit risk in its financial assets by maintaining a well-diversified portfolio that limits the amount of exposure as to maturity and investment type.

The following table summarizes the Company’s cash, cash equivalents and short-term investments (in thousands):


	AS OF DECEMBER 31, 2025
	CLASSIFICATION	MATURITY	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES			FAIR MARKET VALUE
Cash and money market funds	Cash and cash equivalents	Less than three months	$	26,701	$	—	$	—		$	26,701
Commercial paper	Short-term investments	1 year or less		15,916		5		(3	)		15,918
Government and government agency bonds	Short-term investments	1 year or less		43,334		73		—			43,407
Corporate debt obligations	Short-term investments	1 year or less		19,938		29		—			19,967
Corporate debt obligations	Short-term investments	Greater than 1 year		2,016		1		(2	)		2,015
Total cash, cash equivalents and short-term investments			$	107,905	$	108	$	(5	)	$	108,008


	AS OF DECEMBER 31, 2024
	CLASSIFICATION	MATURITY	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES			FAIR MARKET VALUE
Cash and money market funds	Cash and cash equivalents	Less than three months	$	33,661	$	—	$	—		$	33,661
Government bonds	Cash and cash equivalents	Less than three months		6,572		2		—			6,574
Commercial paper	Short-term investments	1 year or less		64,840		30		(15	)		64,855
Government and government agency bonds	Short-term investments	1 year or less		17,422		7		(1	)		17,428
Corporate debt obligations	Short-term investments	1 year or less		15,539		—		(9	)		15,530
Government and government agency bonds	Short-term investments	Greater than 1 year		42,157		1		(128	)		42,030
Corporate debt obligations	Short-term investments	Greater than 1 year		5,366		9		(25	)		5,350
Total cash, cash equivalents and short-term investments			$	185,557	$	49	$	(178	)	$	185,428

At December 31, 2025, the Company had 6 securities with contractual maturities of one year or less and one security with a contractual maturity greater than one year in an unrealized loss position, all of which have been in an unrealized loss position for less than 12 months. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis. As of December 31, 2025, no allowance for credit losses was recorded.