
	March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Current:
U.S. Treasuries	$	66,968,717	$	67	$	(49,605)	$	66,919,179
Government securities	7,986,830		—		(1,235)		7,985,595
Debt securities	7,641,519		—		(10,276)		7,631,243
Commercial paper	26,868,360		57		(32,377)		26,836,040
Total Current	109,465,426		124		(93,493)		109,372,057

Non-current:
U.S. Treasuries	34,162,022		—		(117,280)		34,044,742
Government securities	5,518,352		—		(24,137)		5,494,215
Debt securities	2,417,069		—		(5,281)		2,411,788
Total Non-current	42,097,443		—		(146,698)		41,950,745
Total marketable securities	$	151,562,869	$	124	$	(240,191)	$	151,322,802


	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Current:
U.S. Treasuries	$	6,495,181	$	5,504	$	—	$	6,500,685
Government securities	7,943,758		4,742		—		7,948,500
Debt securities	7,628,117		496		(59)		7,628,554
Commercial paper	22,102,080		6,425		—		22,108,505
Total Current	44,169,136		17,167		(59)		44,186,244

Non-current:
U.S. Treasuries	37,717,598		58,682		—		37,776,280
Government securities	3,998,584		—		(1,544)		3,997,040
Debt securities	2,406,640		3,226		—		2,409,866
Total Non-current	44,122,822		61,908		(1,544)		44,183,186
Total marketable securities	$	88,291,958	$	79,075	$	(1,603)	$	88,369,430

The Company's marketable securities are classified as available-for-sale pursuant to ASC 320, Investments – Debt and Equity Securities and are recorded at fair value. Unrealized gains (losses) are included as a component of accumulated other comprehensive loss in the condensed consolidated balance sheets and statements of stockholders’ equity and a component of total comprehensive loss in the condensed consolidated statements of comprehensive loss, until realized. The Company assesses its available-for-sale marketable securities for impairment on a quarterly basis.

The Company's marketable securities portfolio contains investments in U.S. Treasury, other U.S. government-backed securities, and commercial paper. The Company reviews its portfolio based on the underlying risk profile of the securities and does not expect there to be a loss on these investments. The Company also regularly reviews the securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, and current economic conditions.

There were no impairments recorded during the three months ended March 31, 2026 or March 31, 2025. Realized gains and losses are included in other income (expense) on the condensed consolidated statements of operations.

During the three months ended March 31, 2026 and 2025, the Company recognized no year-to-date credit loss related to its short-term investments, and had no allowance for credit loss recorded as of March 31, 2026 or December 31, 2025.