Short-term investments consist of marketable debt securities, which are comprised of U.S. Treasury securities. The Company classifies its short-term investments as available-for-sale. Available-for-sale investments are carried at fair value, with unrealized gains and losses reported as a component of accumulated other comprehensive income in the condensed consolidated balance sheets. Realized gains and losses are included in net income. The Company does not intend to sell, nor expects to be required to sell, these securities before recovery of their amortized cost basis.

In March 2026, the Company deployed surplus cash into a managed portfolio of U.S. Treasury securities and U.S. government money market funds. U.S. Treasury securities with original maturities greater than three months and up to twelve months at the date of purchase are classified as short-term investments. U.S. Treasury securities with original maturities of less than three months at the date of purchase and U.S. government money market funds are classified as cash and cash equivalents.

As of March 31, 2026, the Company’s available-for-sale short-term investments consisted of the following (in thousands):


			Gross Unrealized
	Cost		Gains		Losses		Total Estimated Fair Value
U.S. Treasury securities	$	106,047	$	74	$	(17)	$	106,104
Total Short-term investments	$	106,047	$	74	$	(17)	$	106,104

As of March 31, 2026, all short-term investments had contractual maturities of less than one year. The Company did not record an allowance for credit losses on its available-for-sale investments during the three months ended March 31, 2026.

No proceeds were recognized from the sale or maturity of available-for-sale investments during the three months ended March 31, 2026, and accordingly, no realized gains or losses were recognized.

Accrued interest income on short-term investments was $0.5 million as of March 31, 2026 and is included within prepaid expenses and other current assets on the condensed consolidated balance sheet.