The following tables show the Company’s cash, cash equivalents, and short-term investments by significant investment category as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-term Investments
Cash	$	17,181	$	—	$	—	$	17,181	$	17,181	$	—
Level 1:
Money market funds	9,923		—		—		9,923		9,923		—

Level 2(1):
Commercial paper	21,129		—		(11)		21,118		9,467		11,651
Corporate debt	1,113		—		(1)		1,112		—		1,112

U.S. treasury securities	15,805		3		(2)		15,806		—		15,806
Subtotal	38,047		3		(14)		38,036		9,467		28,569
Total	$	65,151	$	3	$	(14)	$	65,140	$	36,571	$	28,569


	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-term Investments
Cash	$	30,648	$	—	$	—	$	30,648	$	30,648	$	—
Level 1:
Money market funds	17,156		—		—		17,156		17,156		—

Level 2(1):
Commercial paper	13,035		2		—		13,037		2,989		10,048
Corporate debt	499		—		—		499		—		499
U.S. agency securities	—		—		—		—		—		—
U.S. treasury securities	16,863		6		—		16,869		—		16,869
Subtotal	30,397		8		—		30,405		2,989		27,416
Total	$	78,201	$	8	$	—	$	78,209	$	50,793	$	27,416

(1) The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments uses inputs that are either directly or indirectly observable for the asset through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

We limit the credit risk associated with our cash equivalents and short-term investments by placing them with banks and institutions we believe are highly credit-worthy and investing in highly-rated investments. As of March 31, 2026 and December 31, 2025, the contractual maturity of all investments held was less than one year.

During the three months ended March 31, 2026 and 2025, we did not recognize any significant credit losses nor other-than-temporary impairment losses on our short-term investments.