The following table summarizes the Company’s investment securities as of March 31, 2026 and December 31, 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | Amortized cost, as adjusted | | Gross
unrealized
holding gains | | Gross
unrealized
holding losses | | Estimated fair
value | | Cash equivalents: | | | | | | | | | Money market funds | $ | 116,978 | | | $ | — | | | $ | — | | | $ | 116,978 | | | Short-term investments: | | | | | | | | | U.S. treasury notes | 119,021 | | | 14 | | | (1) | | | 119,034 | | | Total | $ | 235,999 | | | $ | 14 | | | $ | (1) | | | $ | 236,012 | |
All of the Company’s investments mature within the next 12 months. | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Amortized cost, as adjusted | | Gross
unrealized
holding gains | | Gross
unrealized
holding losses | | Estimated fair
value | | Cash equivalents: | | | | | | | | | Money market funds | $ | 93,593 | | | $ | — | | | $ | — | | | $ | 93,593 | | | Short-term investments: | | | | | | | | | U.S. treasury notes | 165,168 | | | 135 | | | (1) | | | 165,302 | | | Total | $ | 258,761 | | | $ | 135 | | | $ | (1) | | | $ | 258,895 | |
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