The fair value and amortized cost of cash equivalents and available-for-sale securities by major security type as of March 31, 2026 and as of December 31, 2025 are presented in the following tables:


	March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(In thousands)
Money market funds	$	25,055	$	—	$	—	$	25,055
Commercial paper	86,915		2		(178)		86,739
Corporate bonds	69,145		10		(55)		69,100
U.S. treasury securities	61,791		52		(9)		61,834
U.S. agency securities	18,909		2		(7)		18,904

Total cash equivalents and investments	$	261,815	$	66	$	(249)	$	261,632

Classified as:
Cash equivalents							$	25,055
Short-term investments							236,577
Long-term investments							—
Total cash equivalents and investments							$	261,632


	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(In thousands)
Money market funds	$	48,576	$	—	$	—	$	48,576
Commercial paper	42,696		18		(10)		42,704
Corporate bonds	53,636		69		—		53,705
U.S. treasury securities	75,990		167		—		76,157
U.S. agency securities	33,974		25		—		33,999

Total cash equivalents and investments	$	254,872	$	279	$	(10)	$	255,141

Classified as:
Cash equivalents							$	48,576
Short-term investments							198,522
Long-term investments							8,043
Total cash equivalents and investments							$	255,141

As of March 31, 2026, the remaining contractual maturities of available-for-sale securities were less than 1 year. There were no significant realized losses on available-for-sale securities for the three months ended March 31, 2026 and 2025. As of March 31, 2026, unrealized losses on available-for-sale securities are not attributed to credit risk. The Company believes that it is more likely than not that investments in an unrealized loss position will be held until maturity and all interest and principal will be received. The Company believes that an allowance for credit losses is unnecessary because the unrealized losses on certain of the Company’s available-for-sale securities are due to market factors. As of March 31, 2026 and December 31, 2025, there were no securities in a continuous net unrealized loss position for more than 12 months. To date, the Company has not recorded any impairment charges on available-for-sale securities.

The Company has made an accounting policy election not to recognize an allowance for credit losses for accrued interest receivable on available-for-sale securities. As of March 31, 2026 and December 31, 2025, the Company recognized $1.3 million and $1.5 million, respectively, of accrued interest receivable from available-for-sale securities within prepaid expenses and other current assets on the condensed balance sheets.