The Company has classified all of its marketable securities at March 31, 2026 as “available-for-sale”. The Company records available-for-sale securities at fair value, with the unrealized gains and losses included as a separate component of other accumulated comprehensive loss. There were no realized gains or losses recognized during the three months ended March 31, 2026 and 2025.

The Company adjusts the cost of available-for-sale debt securities for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in interest income. The cost of securities sold is based on the specific identification method. The Company includes interest and dividends on securities classified as available-for-sale in interest income. Accrued interest receivable relating to the Company’s available-for-sale securities is presented within prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets, and amounted to less than $0.1 million and $0.1 million at March 31, 2026 and December 31, 2025, respectively.

As of March 31, 2026, there were no securities in an unrealized loss position for greater than 12 months. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. The Company did not record an allowance for credit losses as of March 31, 2026.

Marketable securities, which are classified as available-for-sale, consisted of the following (in thousands):


Balance at March 31, 2026:	Amortized Cost Basis		Unrealized Gain		Unrealized Loss			Fair Value
Treasury bills	$	50,635	$	1	$	(4	)	$	50,632
Total marketable securities	$	50,635	$	1	$	(4	)	$	50,632


Balance at December 31, 2025:	Amortized Cost Basis		Unrealized Gain		Unrealized Loss		Fair Value
Treasury bills	$	90,288	$	40	$	—	$	90,328
Total marketable securities	$	90,288	$	40	$	—	$	90,328