FINANCIAL INSTRUMENTS (Tables)

The following table sets forth the fair value of our financial assets that were measured on a recurring basis:


	June 30, 2026								December 31, 2025
(In thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents	$	61,003	$	—	$	—	$	61,003	$	60,496	$	3,211	$	—	$	63,707
Investments:

Corporate debt securities	—		20,203		—		20,203		—		23,250		—		23,250
U.S. government & agency securities	—		155,667		—		155,667		—		192,549		—		192,549
Total investments	—		175,870		—		175,870		—		215,799		—		215,799

Short-term restricted cash	33		—		—		33		20		—		—		20
Long-term restricted cash	1,571		—		—		1,571		1,532		—		—		1,532
Total assets measured at fair value	$	62,607	$	175,870	$	—	$	238,477	$	62,048	$	219,010	$	—	$	281,058

The following tables summarize our cash, cash equivalents, restricted cash, and investments:


	As of June 30, 2026
(In thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses		Fair Value
Cash and cash equivalents	$	61,003	$	—	$	—	$	61,003
Investments:

Corporate debt securities	20,242		15		(54)		20,203
U.S. government & agency securities	156,131		17		(481)		155,667
Total investments	176,373		32		(535)		175,870
Total cash, cash equivalents and investments	$	237,376	$	32	$	(535)	$	236,873

Short-term restricted cash	$	33	$	—	$	—	$	33
Long-term restricted cash	$	1,571	$	—	$	—	$	1,571

	As of December 31, 2025
(In thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses		Fair Value
Cash and cash equivalents	$	63,707	$	—	$	—	$	63,707
Investments:

Corporate debt securities	23,172		78		—		23,250
U.S. government & agency securities	192,170		380		(1)		192,549
Total investments	215,342		458		(1)		215,799
Total cash, cash equivalents and investments	$	279,049	$	458	$	(1)	$	279,506

Short-term restricted cash	$	20	$	—	$	—	$	20
Long-term restricted cash	$	1,532	$	—	$	—	$	1,532

The following table summarizes the contractual maturities of our available-for-sale investments as of June 30, 2026:


(In thousands)	Fair Value
Due in one year or less	$	113,090
Due after one year through five years	62,780
Total	$	175,870