The Company’s investment policy defines allowable investment securities and establishes guidelines relating to credit quality, diversification, and maturities of its investments to preserve principal and maintain liquidity. The Company’s investment securities consisted of the following at June 30, 2026 and December 31, 2025 (in thousands):


		As of June 30, 2026
											Estimated
									Allowance		Fair
		Amortized		Unrealized		Unrealized			for Credit		Market
	Maturity	Cost		Gains		Losses			Losses		Value
U.S. Treasury securities	Within 1 year	$	100,077	$	41	$	(140	)	$	—	$	99,978
U.S. Treasury securities	Greater than 1 year		80,183		—		(540	)		—		79,643
U.S. Government agency securities	Greater than 1 year		15,000		—		(132	)		—		14,868
Total		$	195,260	$	41	$	(812	)	$	—	$	194,489

		As of December 31, 2025
											Estimated
									Allowance		Fair
		Amortized		Unrealized		Unrealized			for Credit		Market
	Maturity	Cost		Gains		Losses			Losses		Value
U.S. Treasury securities	Within 1 year	$	102,285	$	247	$	—		$	—	$	102,532
U.S. Treasury securities	Greater than 1 year		85,301		165		—			—		85,466
U.S. Government agency securities	Greater than 1 year		15,000		2		(11	)		—		14,991
Total		$	202,586	$	414	$	(11	)	$	—	$	202,989

The Company reviews its investments at each reporting date to identify and evaluate whether a decline in fair value below the amortized cost basis of available-for-sale securities is due to credit-related factors and determines if such unrealized losses are the result of credit losses that require impairment. Factors considered in determining whether an unrealized loss is the result of a credit loss or other factors include the extent to which the fair value is less than the cost basis, any changes to the rating of the security by a rating agency, the financial condition and near-term prospects of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any adverse legal or regulatory events affecting the issuer or issuer’s industry, any significant deterioration in economic condition and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.

There were 54 and 4 securities in an unrealized loss position at June 30, 2026 and December 31, 2025, respectively. The Company determined that unrealized losses on its available-for-sale investment securities were primarily attributable to changes in interest rates. Each security remained at a high credit quality rating. Further, there had been no adverse conditions noted for any of the issuers and the Company does not intend to sell any of the securities prior to maturity. As such, an allowance for credit losses has not been recognized as of June 30, 2026 or December 31, 2025.

The following tables present available-for-sale investments that were in an unrealized loss position as of June 30, 2026 and December 31, 2025, aggregated by security type and length of time in a continuous unrealized loss position (in thousands):


	As of June 30, 2026
	Less than 12 Months					12 Months or Greater		Total
	Estimated					Estimated		Estimated
	Fair					Fair		Fair
	Market		Unrealized			Market		Market		Unrealized
	Value		Losses			Value		Value		Losses
U.S. Treasury securities	$	139,608	$	(680	)	$	—	$	139,608	$	(680	)
U.S. Government agency securities		14,868		(132	)		—		14,868		(132	)
Total	$	154,476	$	(812	)	$	—	$	154,476	$	(812	)

	As of December 31, 2025
	Less than 12 Months					12 Months or Greater		Total
	Estimated					Estimated		Estimated
	Fair					Fair		Fair
	Market		Unrealized			Market		Market		Unrealized
	Value		Losses			Value		Value		Losses
U.S. Government agency securities	$	9,989	$	(11	)	$	—	$	9,989	$	(11	)
Total	$	9,989	$	(11	)	$	—	$	9,989	$	(11	)

Accrued interest receivable on available-for-sale investment securities, included in “Prepaid expenses and other current assets” on the Company’s balance sheets, was $1.8 million and $1.7 million as of June 30, 2026 and December 31, 2025, respectively.