All of the Company's marketable securities were available-for-sale and were classified based on their maturities. Marketable securities with remaining maturities at the date of purchase of three months or less are classified as cash equivalents. Short-term investments are securities that original maturity or remaining maturity is greater than three months and not more than twelve months. Long-term investments are securities for which the original maturity or remaining maturity is greater than twelve months.


	March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
	(in thousands)
Money market funds	$	28,974	$	—	$	—	$	28,974


Cash equivalents	28,974		—		—		28,974

U.S. treasury securities	96,426		7		(35)		96,398
Corporate bonds	3,010		—		(2)		3,008
Commercial paper	11,763		—		(21)		11,742

Short-term investments	111,199		7		(58)		111,148



Total marketable securities	$	140,173	$	7	$	(58)	$	140,122


	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
	(in thousands)
Money market funds	$	28,524	$	—	$	—	$	28,524
U.S. treasury securities	4,999		1		—		5,000
Cash equivalents	33,523		1		—		33,524

U.S. treasury securities	101,371		100		—		101,471
U.S. agency bonds	4,109		3		—		4,112


Short-term investments	105,480		103		—		105,583



Total marketable securities	$	139,003	$	104	$	—	$	139,107

The amortized cost of the Company's available-for-sale securities approximates their fair value. Unrealized losses are generally due to interest rate fluctuations, as opposed to credit quality. However, the Company reviews individual securities that are in an unrealized loss position in order to evaluate whether or not they have experienced or are expected to experience credit losses. As of March 31, 2026 and December 31, 2025, unrealized gains and losses from the investments were not the result of a decline in credit quality. As a result, the Company did not recognize any credit losses related to its investments and that all unrealized gains and losses on available-for-sale securities are recorded in accumulated other comprehensive income (loss) on the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025.

The Company elected to present accrued interest receivable separately from short-term investments on its condensed consolidated balance sheets. Accrued interest receivable was $0.6 million and $0.5 million as of March 31, 2026 and December 31, 2025, respectively, and was recorded in prepaid expenses and other current assets. The Company also elected to exclude accrued interest receivable from the estimation of expected credit losses on its marketable securities and reverse accrued interest receivable through interest income (expense) when amounts are determined to be uncollectible. The Company did not write off any accrued interest receivable during the three months ended March 31, 2026 or year ended December 31, 2025.