Cash Equivalents and Marketable Securities

The following table summarizes the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category (in thousands):


		March 31, 2026
				Unrealized
	Maturity in Years	Amortized Cost		Gains		Losses		Fair Value
Cash equivalents	Less than 1	$	17,869	$	—	$	(12)	17,857
U.S. Government agency securities	3 years or less	48,710		48		(64)		48,694
Certificate of deposit	Less than 1	1,408		1		—		1,409
Corporate debt securities	3 years or less	116,719		47		(254)		116,512
Commercial paper	Less than 1	49,435		1		(26)		49,410
Yankee debt	Less than 1	2,901		—		(5)		2,896
Asset-backed securities	3 years or less	7,238		13		(2)		7,249
Total		$	244,280	$	110	$	(363)	$	244,027


		December 31, 2025
				Unrealized
	Maturity in Years	Amortized Cost		Gains		Losses		Fair Value
U.S. Government agency securities	2 years or less	$	41,238	$	136	$	(1)	$	41,373
Certificate of deposit	Less than 1	3,009		4		—		3,013
Corporate debt securities	2 years or less	81,614		84		—		81,698
Commercial paper	Less than 1	48,448		7		(2)		48,453
Yankee debt	Less than 1	4,463		2		—		4,465
Asset-backed securities	3 years or less	8,261		30		—		8,291
Total		$	187,033	$	263	$	(3)	$	187,293

The Company regularly reviews the securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, current and expected future economic conditions. The Company has no requirement or intention to sell these securities before maturity or recovery of their amortized cost basis. As of March 31, 2026 and December 31, 2025, the Company did not record an allowance for credit loss related to its investment portfolio. As of March 31, 2026, 119 out of 224 of the Company’s cash equivalents and available-for-sale debt securities were in an aggregate gross unrealized loss position. The unrealized losses were broadly distributed across the portfolio and not concentrated in any one security. As of December 31, 2025, 7 out of 225 of the Company’s available-for-sale debt securities were in an aggregate gross unrealized loss position. As of March 31, 2026 and December 31, 2025, all of the Company’s available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded had been in a continuous unrealized loss position for less than 12 months. Based on the Company’s review of these investments as of March 31, 2026, the Company believes none of the unrealized loss positions were not other-than-temporary in nature.

The following tables summarize the Company’s cash equivalents and available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by major security type (in thousands):


	March 31, 2026
	Fair Value		Unrealized Losses
Cash equivalents	$	8,795	$	(12)
U.S. Government agency securities	19,414		(64)
Corporate debt securities	86,083		(254)
Commercial paper	46,810		(26)
Yankee debt	2,896		(5)
Asset-backed securities	1,710		(2)
Total	$	165,708	$	(363)


	December 31, 2025
	Fair Value		Unrealized Losses
U.S. Government agency securities	$	1,771	$	(1)
Commercial paper	25,104		(2)
Total	$	26,875	$	(3)