We classify our short-term investments as available for sale. Available-for-sale securities are recorded on our condensed consolidated balance sheets at fair market value and any unrealized gains or losses are reported as part of other comprehensive loss on the condensed consolidated statements of comprehensive loss. We determine realized gains or losses on the sales of investments through the specific identification method and record such gains or losses as part of interest and other expense, net on the condensed consolidated statements of operations. We did not have any material realized gains or losses on investments during the three months ended March 31, 2026 and 2025. We measure the fair value of investments on a recurring basis.

The following table summarizes, by major security type, our cash equivalents that are measured at fair value on a recurring basis as of March 31, 2026 (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash equivalents		Short-term Investments
	(unaudited)
Money market funds	$	51,159	$	—	$	—	$	51,159	$	51,159	$	—
U.S. treasury notes	$	35,282	$	—	$	(16)	$	35,266	$	—	$	35,266
Commercial paper	$	13,696	$	—	$	(3)	$	13,693	$	—	$	13,693
Total	$	100,137	$	—	$	(19)	$	100,118	$	51,159	$	48,959

The following table summarizes, by major security type, our cash equivalents and short-term investments that are measured at fair value on a recurring basis as of December 31, 2025 (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash equivalents		Short-term Investments
Money market funds	$	45,062	$	—	$	—	$	45,062	$	45,062	$	—
U.S. treasury notes	37,441		46		—		37,487		—		37,487
Commercial paper	7,430		1		—		7,431		—		7,431


Total	$	89,933	$	47	$	—	$	89,980	$	45,062	$	44,918


	As of March 31, 2026				As of December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(unaudited)
Due within one year	$	48,978	$	48,959	$	44,871	$	44,918

Total	$	48,978	$	48,959	$	44,871	$	44,918

Accrued interest receivables related to our available-for-sale securities of $0.3 million and $0.3 million as of March 31, 2026 and December 31, 2025, respectively, were included within prepaid expenses and other assets on our condensed consolidated balance sheets.

On a quarterly basis we evaluate unrealized losses on our available-for-sale debt securities and the related accrued interest receivables to determine whether a decline in the fair value below the amortized cost basis is due to credit-related factors or noncredit-related factors. We do not intend to sell investments that are in an unrealized loss position and it is not likely that we will be required to sell any investments before recovery of their amortized cost basis. As of March 31, 2026 and December 31, 2025, there were no material unrealized losses due to expected credit loss-related factors.