Cash equivalents and short-term investments as of June 30, 2026 and December 31, 2025 consist of the following (in thousands): | | | | | | | | | | | | | | | June 30, 2026 | | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | Cash equivalents: | | | | | | | | | | | | | Money market funds | | $ | 88,021 | | $ | — | | $ | — | | $ | 88,021 | Short-term investments: | | | | | | | | | | | | | U.S. Government treasury securities | | | 217,236 | | | — | | | (263) | | | 216,973 | Total | | $ | 305,257 | | $ | — | | $ | (263) | | $ | 304,994 | | | | | | | | | | | | | | | | December 31, 2025 | | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | Cash equivalents: | | | | | | | | | | | | | Money market funds | | $ | 170,826 | | $ | — | | $ | — | | $ | 170,826 | Short-term investments: | | | | | | | | | | | | | U.S. Government treasury securities | | | 213,358 | | | 99 | | | — | | | 213,457 | Total | | $ | 384,184 | | $ | 99 | | $ | — | | $ | 384,283 |
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