As of June 30, 2026 and December 31, 2025, cash and cash equivalents consisted of cash and money market mutual funds. The following tables summarize the Company’s short-term and long-term investments (in thousands):


	June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses				Fair Value
Short-term investments:
Held-to-maturity securities	$	140,759	$	—	$	(221	)			140,538
Total short-term investments		140,759		—		(221	)			140,538
Long-term investments:
Held-to-maturity securities		87,214		—		(640	)			86,574
Total long-term investments		87,214		—		(640	)			86,574
Total investments	$	227,973	$	—	$	(861	)	$		227,112


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses				Fair Value
Short-term investments:
Held-to-maturity securities	$	105,137	$	66	$	(1	)			105,202
Total short-term investments		105,137		66		(1	)			105,202
Long-term investments:
Held-to-maturity securities		67,489		58		(10	)			67,537
Total long-term investments		67,489		58		(10	)			67,537
Total investments	$	172,626	$	124	$	(11	)	$		172,739

The Company classifies its investment in debt securities as held-to-maturity, which are carried at amortized cost. Although held-to-maturity securities are recorded at amortized cost, the Company discloses their fair value in accordance with ASC 825-10. The estimated fair value of these securities is categorized within Level 2 of the fair value hierarchy, as the fair values are determined using third-party evaluated pricing based on observable market inputs other than quoted prices in active markets for identical instruments. As of June 30, 2026, the estimated fair value consisted of $184.6 million of U.S. Treasury securities and $42.5 million of corporate debt securities; as of December 31, 2025, it consisted of $132.1 million of U.S. Treasury securities and $40.7 million of corporate debt securities.

As of June 30, 2026, the Company had 41 securities with a fair value of $140.5 million with a contractual maturity of less than 12 months and 27 securities with a fair value of $86.6 million with a contractual maturity of greater than 12 months. As of December 31, 2025, the Company had 30 securities with a fair value of $105.1 million with a contractual maturity of less than 12 months and 14 securities with a fair value of $67.5 million with a contractual maturity of greater than 12 months.

Accrued interest receivable is excluded from the amortized cost and estimated fair value of our investment securities. Accrued interest receivable of $1.5 million and $0.8 million was presented separately within the prepaid expenses and other current assets balance on the unaudited condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively.