v3.26.1
Cash, Cash Equivalents, Restricted Cash, and Short-Term Investments
 6 Months Ended
Jun. 30, 2026
Cash, Cash Equivalents, and Short-Term Investments [Abstract]  
Cash, Cash Equivalents, Restricted Cash, and Short-Term Investments Cash, Cash Equivalents, Restricted Cash, and Short-Term Investments
Cash, cash equivalents, restricted cash, and short-term investments for the periods presented consist of the following (in thousands):
June 30, 2026December 31, 2025
Cash$52,712 $20,020 
Restricted cash57 57 
Money market funds8,105 14,509 
US treasury bills18,451 63,994 
Government-sponsored enterprise securities8,694 20,692 
Corporate bonds and commercial paper7,367 35,740 
$95,386 $155,012 
Reported as:
Cash and cash equivalents$60,816 $40,580 
Short-term investments34,513 114,375 
Restricted cash reported within other assets57 57 
$95,386 $155,012 
Cash equivalents and short-term investments include the following securities with gross unrealized gains and losses (in thousands):
At June 30, 2026Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
US treasury bills$18,537 $— $(86)$18,451 
Government-sponsored enterprise securities8,747 — (53)8,694 
Corporate bonds and commercial paper7,376 — (9)7,367 
Total$34,660 $— $(148)$34,512 
At December 31, 2025Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
US treasury bills$63,868 $126 $— $63,994 
Government-sponsored enterprise securities20,663 30 (1)20,692 
Corporate bonds and commercial paper35,714 28 (2)35,740 
Total$120,245 $184 $(3)$120,426 
Our short-term investments are classified as available-for-sale securities. Accordingly, we have classified these securities as short-term investments on our condensed balance sheets as they are available for use in the current operations. Accrued interest receivable, included within prepaid and other assets, was $0.3 million and $0.9 million at June 30, 2026 and December 31, 2025, respectively. As of June 30, 2026 and December 31, 2025, our cash equivalents and short-term investments had a weighted-average time to maturity of approximately 304 days and 303 days, respectively.
At June 30, 2026, a total of 29 individual securities had been in an unrealized loss position for 12 months or less, and the losses were determined to be temporary. We regularly review the securities in an unrealized loss position and evaluate the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, and current economic conditions. We have not recognized any credit losses at June 30, 2026 and December 31, 2025.
The following table shows the fair value and gross unrealized losses of our investments in individual securities that are in an unrealized loss position, aggregated by investment category (in thousands):
At June 30, 2026Fair ValueGross Unrealized Losses
US treasury bills$16,454 $(86)
Government-sponsored enterprise securities8,694 (53)
Corporate bonds and commercial paper7,367 (9)
Total$32,515 $(148)