
	June 30, 2026
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value		Fair Value Hierarchy
	(In thousands)
Cash equivalents:
Money market funds	$	10,000	$	—	$	—	$	10,000	Level 1
U.S. Treasury Securities	3,611		—		—		3,611		Level 2
Total cash equivalents	13,611		—		—		13,611
Marketable securities:
U.S. treasury and agency securities	21,636		6		(86)		21,556		Level 2



Restricted cash, current:
Money market funds	1,935		—		—		1,935		Level 1
Total	$	37,182	$	6	$	(86)	$	37,102


	December 31, 2025
	Amortized Cost		Gross Unrealized Gain		Fair Value		Fair Value Hierarchy
	(In thousands)
Cash equivalents:
Money market funds	$	29,639	$	—	$	29,639	Level 1

Marketable securities:
U.S. treasury and agency securities	24,655		84		24,739		Level 2

Restricted cash, current:
Money market funds	1,937		—		1,937		Level 1
Total	$	56,231	$	84	$	56,315

Marketable securities consist primarily of U.S. treasury and agency securities. The Company classifies its marketable securities as available-for-sale securities at the time of purchase and reevaluates such classification at each balance sheet date. The Company has classified its investments as current based on the nature of the investments and their availability for use in current operations.

The fair value of the Company’s investments in money market funds classified as Level 1 of the fair value hierarchy is based on real-time quotes for transactions in active exchange markets involving identical assets. The fair value of the Company’s investments in marketable securities classified as Level 2 of the fair value hierarchy is based on quoted market prices for similar instruments.

The Company evaluates marketable securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or other factors. The Company considers the extent to which the fair value is less than cost, the financial condition and near-term prospects of the security issuer, and the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.

The Company does not intend to sell any of these securities prior to maturity and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date. Accordingly, the Company believes that generally the unrealized losses are due to noncredit-related factors, including changes in interest rates and other market conditions, and therefore no impairment charges or allowance for credit losses have been recognized in the Company’s unaudited condensed consolidated statements of operations for the six months ended June 30, 2026 and 2025. As of June 30, 2026, the Company had 9 securities in an unrealized loss position, none of which were in a continuous unrealized loss position for twelve months or greater. As of December 31, 2025, the Company had no securities in an unrealized loss position, nor any securities in a continuous unrealized loss position for twelve months or greater. The Company determines realized gains or losses on the sale of marketable securities based on a specific identification method.

The Company recognized interest income from its investment portfolio of $0.5 million and $1.0 million for the three months ended June 30, 2026 and 2025, respectively and $1.0 million and $2.1 million for the six months ended June 30, 2026 and 2025, respectively. Accrued interest receivable related to marketable securities is $0.2 million and $0.3 million, as of June 30, 2026 and December 31, 2025, respectively, and is presented within prepaid expenses and other current assets on the unaudited condensed consolidated balance sheets. The Company does not measure an allowance for credit losses on accrued interest receivable and recognizes interest receivable write offs as a reversal of interest income. No accrued interest was written off during the three and six months ended June 30, 2026 and 2025.