v3.26.1
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
 6 Months Ended
Jun. 30, 2026
Cash and Cash Equivalents [Abstract]  
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
The following table summarizes our cash, cash equivalents and short-term investments:
June 30, 2026December 31, 2025
Amortized
Cost		Gross UnrealizedFair
Value		Amortized
Cost		Gross UnrealizedFair
Value
(in thousands)GainsLossesGainsLosses
Cash and cash equivalents
Cash$7,086 $— $— $7,086 $18,569 $— $— $18,569 
Money market funds90,105 — — 90,105 49,430 — — 49,430 
Total cash and cash equivalents97,191 — — 97,191 67,999 — — 67,999 
Short-term investments
U.S. treasury securities$88,142 $— $(75)$88,067 $95,052 $105 $— $95,157 
Commercial paper46,918 3 (66)46,855 46,421 32 (3)46,450 
U.S. government-sponsored agency bonds23,452 — (30)23,422 27,330 36 — 27,366 
Corporate bonds21,229 — (23)21,206 22,557 25 — 22,582 
Yankee bonds5,091 — (2)5,089 5,132 3 — 5,135 
Total short-term investments184,832 3 (196)184,639 196,492 201 (3)196,690 
Total cash, cash equivalents and investments$282,023 $3 $(196)$281,830 $264,491 $201 $(3)$264,689 
Realized gains or losses have not been significant and are included in other income, net in our condensed statements of operations and comprehensive loss.
Unrealized losses as of June 30, 2026 and December 31, 2025 were not material. All of the short-term available-for-sale securities held as of June 30, 2026 and December 31, 2025 had contractual maturities of less than one year, and no investment was in a continuous unrealized loss position for more than one year. Therefore, we believe that it is more likely than not that the investments will be held until maturity or a forecasted recovery of fair value.
Based on our procedures under the expected credit loss model, including an assessment of unrealized losses in our portfolio, we concluded that any unrealized losses on our marketable securities were not attributable to credit and, therefore, we have not recorded an allowance for credit losses for these securities as of June 30, 2026 and December 31, 2025.
See “Cash Equivalents” and “Short-Term Investments” captions of Note 2. Summary of Significant Accounting Policies of our 2025 Form 10-K for more information on our accounting policies for cash equivalents and short-term investments.