v3.26.1
Available-For-Sale Debt Securities
3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Available-For-Sale Debt Securities
4.
Available-For-Sale
Debt Securities
Available-for-sale debt
securities consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):
 
 
  
March 31, 2026
 
 
  
Amortized

Cost
 
  
Unrealized

Gains
 
  
Unrealized

Losses
 
  
Fair

Value
 
Marketable securities:
           
U.S. treasury securities
  
$
98,393
 
  
$
— 
 
  
$
(112
)
  
$
98,281
 
Non-U.S. debt securities
  
 
15,717
 
  
 
— 
 
  
 
(327
)
  
 
15,390
 
  
 
 
    
 
 
    
 
 
    
 
 
 
Total
  
$
114,110
 
  
$
— 
 
  
$
(439
  
$
113,671
 
  
 
 
    
 
 
    
 
 
    
 
 
 
    
December 31, 2025
 
    
Amortized

Cost
    
Unrealized

Gains
    
Unrealized

Losses
    
Fair

Value
 
Cash equivalents:
           
Non-U.S.
debt securities
  
$
17,415
 
  
$
223
 
  
$
— 
 
  
$
17,638
 
Marketable securities:
           
U.S. treasury securities
  
 
97,559
 
  
 
— 
 
  
 
(48
  
 
97,511
 
  
 
 
    
 
 
    
 
 
    
 
 
 
Total
  
$
114,974
 
  
$
223
 
  
$
(48
  
$
115,149
 
  
 
 
    
 
 
    
 
 
    
 
 
 
All of the Company’s
available-for-sale
debt securities as of March 31, 2026 and December 31, 2025 had a contractual maturity of less than 12 months. The Company did not realize any gains or losses recognized on the sale of
available-for-sale
debt securities during the three months ended March 31, 2026 and year ended December 31, 2025, and, as a result, the Company did not reclassify any amounts out of accumulated comprehensive loss. All of the Company’s
available-for-sale
debt securities as of March 31, 2026 and December 31, 2025 are classified as current as they mature within one year from the balance sheet date.
As of March 31, 2026, the Company held four securities in an unrealized loss position with an aggregate fair value of $113.7 million. As of December 31, 2025, the Company held three securities in an unrealized loss position with an aggregate fair value of $97.5 million. None of the securities were in an unrealized loss position for greater than 12 months.
The Company has the intent and ability to hold its debt securities until recovery of their amortized cost bases, which may be maturity. As a result, the Company did not recognize any differences between the fair value and amortized cost basis as a loss in its consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and year ended December 31, 2025. The Company did not record any credit-related impairments for its
available-for-sale
debt securities for the three months ended March 31, 2026 and year ended December 31, 2025.