The following table summarizes the Company’s investment securities as of December 31, 2025 and December 31, 2024 (in thousands):


	December 31, 2025
	Amortized cost, as adjusted		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Cash equivalents:
Money market funds	$	93,593	$	—	$	—	$	93,593
Short-term investments:
U.S. treasury notes	165,168		135		(1)		165,302
Total	$	258,761	$	135	$	(1)	$	258,895

All of the Company’s investments mature within the next 12 months.


	December 31, 2024
	Amortized cost, as adjusted		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Cash equivalents:
Money market funds	$	131,420	$	—	$	—	$	131,420
Short-term investments:
U.S. treasury notes	175,819		126		(3)		175,942
Total	$	307,239	$	126	$	(3)	$	307,362