Short-Term Investments

3 Months Ended

Mar. 31, 2026

Investments, All Other Investments [Abstract]

The following table represents the Company’s available-for-sale investments by major type (in thousands):


	March 31, 2026
	Amortized cost		Unrealized loss		Total fair value
Cash equivalents:
U.S. government securities	$	4,281	$	—	$	4,281
Short-term investments:
U.S. government securities	85,412		(21)		85,391


Total level 1 debt securities	$	89,693	$	(21)	$	89,672


	December 31, 2025
	Amortized cost		Unrealized gain		Total fair value
Short-term investments:
U.S. government securities	$	94,910	$	32	$	94,942

The Company’s cash equivalents and short-term investment instruments are classified using Level 1 inputs within the fair value hierarchy and are valued using quoted market prices with reasonable levels of price transparency. U.S. government securities have a weighted-average maturity of 0.24 years and 0.27 years as of March 31, 2026 and December 31, 2025, respectively.