Cash equivalents and marketable securities consisted of the following:


	December 31, 2025
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Money market funds	$	51,333		$	—	$	—		$	51,333
Commercial paper		29,134			5		—			29,139
Corporate debt securities		16,950			2		—			16,952
Asset-based securities		7,281			—		(1	)		7,280
U.S. government securities		29,914			13		—			29,927
Total		134,612			20		(1	)		134,631
Less: amounts classified as cash equivalents		(51,333	)		—		—			(51,333	)
Total marketable securities	$	83,279		$	20	$	(1	)	$	83,298


	December 31, 2024
	Amortized Cost Basis			Unrealized Gains			Unrealized Losses			Fair Value
	(in thousands)
Money market funds	$	68,474		$	—		$	—		$	68,474
Commercial paper		50,933			3			(4	)		50,932
Corporate debt securities		94,248			13			(4	)		94,257
Asset-based securities		40,521			2			(1	)		40,522
U.S. government securities		49,619			25			—			49,644
U.S. agency securities		9,577			5			—			9,582
Total		313,372			48			(9	)		313,411
Less: amounts classified as cash equivalents		(186,818	)		(9	)		7			(186,820	)
Total marketable securities	$	126,554		$	39		$	(2	)	$	126,591

No marketable securities had maturities of more than one year as of December 31, 2025 and 2024.

During the years ended December 31, 2025 and 2024, the Company did not record any other-than-temporary impairment charges on its available-for-sale securities. Based on the Company’s procedures under the expected credit loss model, including an assessment of unrealized losses on the portfolio after December 31, 2025, the Company concluded that the unrealized losses for its marketable securities were not attributable to credit and therefore an allowance for credit losses for these securities has not been recorded as of December 31, 2025. Also, based on the scheduled maturities of the investments, the Company was more likely than not to hold these investments for a period of time sufficient for a recovery of the Company’s cost basis.

The Company recognized no material gains or losses on its cash equivalents and current marketable securities as of December 31, 2025 and as a result, the Company did not reclassify any amounts out of accumulated other comprehensive income (loss) for the year then ended.