Cash Equivalents and Marketable Securities

The following table summarizes the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category (in thousands):


		June 30, 2026
				Unrealized
	Maturity in Years	Amortized Cost		Gains		Losses		Fair Value
Cash equivalents	Less than 1	$	12,564	$	—	$	(1)	$	12,563
U.S. Government agency securities	3 years or less	46,789		9		(175)		46,623
Certificate of deposit	Less than 1	983		—		—		983
Corporate debt securities	3 years or less	127,521		3		(398)		127,126
Commercial paper	Less than 1	36,931		—		(12)		36,919
Yankee debt	Less than 1	3,607		—		(4)		3,603
Asset-backed securities	2 years or less	6,581		6		(1)		6,586
Total		$	234,976	$	18	$	(591)	$	234,403


		December 31, 2025
				Unrealized
	Maturity in Years	Amortized Cost		Gains		Losses		Fair Value
U.S. Government agency securities	2 years or less	$	41,238	$	136	$	(1)	$	41,373
Certificate of deposit	Less than 1	3,009		4		—		3,013
Corporate debt securities	2 years or less	81,614		84		—		81,698
Commercial paper	Less than 1	48,448		7		(2)		48,453
Yankee debt	Less than 1	4,463		2		—		4,465
Asset-backed securities	3 years or less	8,261		30		—		8,291
Total		$	187,033	$	263	$	(3)	$	187,293

The Company 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, current and expected future economic conditions. The Company has no requirement or intention to sell these securities before maturity or recovery of their amortized cost basis. As of June 30, 2026 and December 31, 2025, the Company did not record an allowance for credit loss related to its investment portfolio. As of June 30, 2026, 135 out of 202 of the Company’s cash equivalents and available-for-sale debt securities were in an aggregate gross unrealized loss position. The unrealized losses were broadly distributed across the portfolio and not concentrated in any one security. As of December 31, 2025, 7 out of 225 of the Company’s available-for-sale debt securities were in an aggregate gross unrealized loss position. As of June 30, 2026 and December 31, 2025, all of the Company’s available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded had been in a continuous unrealized loss position for less than 12 months. Based on the Company’s review of these investments as of June 30, 2026, the Company believes none of the unrealized loss positions were not other-than-temporary in nature.

The following tables summarize the Company’s cash equivalents and available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by major security type (in thousands):


	June 30, 2026
	Fair Value		Unrealized Losses
Cash equivalents	$	8,840	$	(1)
U.S. Government agency securities	29,258		(175)
Corporate debt securities	114,383		(398)
Commercial paper	36,919		(12)
Yankee debt	3,603		(4)
Asset-backed securities	3,350		(1)
Total	$	196,353	$	(591)


	December 31, 2025
	Fair Value		Unrealized Losses
U.S. Government agency securities	$	1,771	$	(1)
Commercial paper	25,104		(2)
Total	$	26,875	$	(3)