The amortized cost, gross unrealized gains and losses, fair values, and net carrying value of interest-bearing securities, by type of security, were as follows (in thousands):


	Amortized Cost		Gross Unrealized				Fair Value		Net Carrying Value
			Gains		Losses
As of June 30, 2026	(in thousands)

Cash equivalents
Money market funds	$	14,051	$	—	$	—	$	14,051	$	14,051


Total cash equivalents	$	14,051	$	—	$	—	$	14,051	$	14,051

Investments
U.S. treasury securities	$	9,453	$	—	$	(12)	$	9,441	$	9,453
Corporate debt securities	8,001		—		(7)		7,994		8,001
Total investments	$	17,454	$	—	$	(19)	$	17,435	$	17,454


	Amortized Cost		Gross Unrealized				Fair Value		Net Carrying Value
			Gains		Losses
As of December 31, 2025	(in thousands)
Cash equivalents
Money market funds	$	8,729	$	—	$	—	$	8,729	$	8,729
Total cash equivalents	$	8,729	$	—	$	—	$	8,729	$	8,729


Investments
U.S. treasury securities	$	9,461	$	12	$	—	$	9,473	$	9,461
Corporate debt securities	12,740		4		—		12,744		12,738
Total investments	$	22,201	$	16	$	—	$	22,217	$	22,199

The amortized cost and fair value of the Company’s held-to-maturity investments as of June 30, 2026, by contractual maturity, are shown below.


As of June 30, 2026	Amortized Cost		Fair Value
	(in thousands)
Within one year	$	17,454	$	17,435
After one year through five years	—		—
After 5 years through 10 years	—		—
After 10 years	—		—
Total investments	$	17,454	$	17,435

As of June 30, 2026, certain securities were in an immaterial unrealized loss position for less than twelve months. There were no securities in an unrealized loss position as of December 31, 2025.