
	June 30, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Current:
U.S. Treasuries	$	71,374,188	$	—	$	(144,828)	$	71,229,360
Government securities	1,501,367		—		(437)		1,500,930
Debt securities	10,082,683		—		(13,288)		10,069,395
Commercial paper	25,801,487		272		(25,807)		25,775,952
Total current	108,759,725		272		(184,360)		108,575,637

Non-current:
U.S. Treasuries	25,483,202		—		(172,023)		25,311,179
Government securities	7,512,423		—		(50,123)		7,462,300

Total non-current	32,995,625		—		(222,146)		32,773,479
Total marketable securities	$	141,755,350	$	272	$	(406,506)	$	141,349,116


	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Current:
U.S. Treasuries	$	6,495,181	$	5,504	$	—	$	6,500,685
Government securities	7,943,758		4,742		—		7,948,500
Debt securities	7,628,117		496		(59)		7,628,554
Commercial paper	22,102,080		6,425		—		22,108,505
Total current	44,169,136		17,167		(59)		44,186,244

Non-current:
U.S. Treasuries	37,717,598		58,682		—		37,776,280
Government securities	3,998,584		—		(1,544)		3,997,040
Debt securities	2,406,640		3,226		—		2,409,866
Total non-current	44,122,822		61,908		(1,544)		44,183,186
Total marketable securities	$	88,291,958	$	79,075	$	(1,603)	$	88,369,430

The Company's marketable securities are classified as available-for-sale pursuant to ASC 320, Investments – Debt and Equity Securities and are recorded at fair value. Unrealized gains (losses) are included as a component of accumulated other comprehensive loss in the condensed consolidated balance sheets and statements of stockholders’ equity and a component of total comprehensive loss in the condensed consolidated statements of comprehensive loss, until realized. The Company assesses its available-for-sale marketable securities for impairment on a quarterly basis.

The Company's marketable securities portfolio contains investments in U.S. Treasury, other U.S. government-backed securities, and commercial paper. The Company reviews its portfolio based on the underlying risk profile of the securities and does not expect there to be a loss on these investments. The Company also 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, and current economic conditions.

There were no impairments recorded during the three and six months ended June 30, 2026 or June 30, 2025. Realized gains and losses are included in other income (expense) on the condensed consolidated statements of operations.

During the three and six months ended June 30, 2026 and 2025, the Company recognized no year-to-date credit loss related to its short-term investments, and had no allowance for credit loss recorded as of June 30, 2026 or December 31, 2025.