v3.26.1
MARKETABLE SECURITIES
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE SECURITIES MARKETABLE SECURITIES

The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of our marketable securities by type of security as of March 31, 2026 and December 31, 2025 was as follows:
MARCH 31, 2026
(in thousands)Fair Value Hierarchy LevelAmortized CostGross Unrealized Holding GainsGross Unrealized Holding Losses Fair Value
Cash and cash equivalents Level 1$16,383 $— $— $16,383 
U.S. treasury securitiesLevel 15,495 1 — 5,496 
$21,878 $1 $— $21,879 
DECEMBER 31, 2025
(in thousands)Fair Value Hierarchy LevelAmortized CostGross Unrealized Holding GainsGross Unrealized Holding Losses Fair Value
Cash and cash equivalentsLevel 1$6,695 $— $— $6,695 
U.S. treasury securitiesLevel 119,212 17 — 19,229 
U.S. government agency securitiesLevel 24,630 1 — 4,631 
$30,537 $18 $— $30,555 
The fair values of marketable securities by classification in the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 was as follows:
(in thousands)MARCH 31, 2026DECEMBER 31, 2025
Cash and cash equivalents$16,383 $7,193 
Marketable securities5,496 23,362 
$21,879 $30,555 
The fair values of available-for-sale debt securities as of March 31, 2026 and December 31, 2025, by contractual maturity, are summarized as follows:
(in thousands)MARCH 31, 2026DECEMBER 31, 2025
Due in one year or less$21,879 $30,555 
Due after one year through two years— — 
$21,879 $30,555 
The aggregate fair value of available-for-sale debt securities in an unrealized loss position as of December 31, 2025 was $0.7 million. There was no aggregate fair value of available-for-sale debt securities in an unrealized loss position as of March 31, 2026. As of March 31, 2026, the Company did not have any investments in a continuous unrealized loss position for more than twelve months. As of March 31, 2026, the Company believes that the cost basis of its available-for-sale debt securities is recoverable. No allowance for credit loss was recorded as of March 31, 2026 and December 31, 2025.