Cash Equivalents and Marketable Securities

6 Months Ended

Jun. 30, 2026

Cash Equivalents And Marketable Securities [Abstract]

Cash Equivalents and Marketable Securities

3. CASH EQUIVALENTS AND MARKETABLE SECURITIES

The following tables summarize the amortized cost and fair value of the Company’s cash equivalents and marketable securities (in thousands):


	As of June 30, 2026
	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Cash equivalents:
Money market funds	$	33,700	$	—	$	—		$	33,700
Government securities		10,440		—		(1	)		10,439
	$	44,140	$	—	$	(1	)	$	44,139
Marketable securities:
Government securities	$	172,183	$	—	$	(127	)	$	172,056
Term deposits		150,000		—		—			150,000
	$	322,183	$	—	$	(127	)	$	322,056


	As of December 31, 2025
	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	92,788	$	—	$	—	$	92,788
	$	92,788	$	—	$	—	$	92,788
Marketable securities:
Government securities	$	99,742	$	106	$	—	$	99,848
	$	99,742	$	106	$	—	$	99,848

The Company did not record a provision for credit losses on any marketable securities for the six months ended June 30, 2026 and year ended December 31, 2025. No securities held by the Company were delinquent on contractual payments as of June 30, 2026 and December 31, 2025, nor were any securities placed on non-accrual status for the period then ended. Interest on investments is recognized as interest income in the unaudited condensed consolidated statements of operations and comprehensive loss.

Information pertaining to marketable securities with gross unrealized losses as of June 30, 2026, for which the Company did not recognize a provision for credit losses under the current expected credit loss methodology, aggregated by investment category and length of time that individual securities had been in a continuous loss position, is as follows (in thousands):


	As of June 30, 2026 - Less Than 12 Months
	# of Holdings		Gross Unrealized Loss			Fair Value
Government securities		53	$	(127	)	$	157,067
		53	$	(127	)	$	157,067

As of December 31, 2025, the Company did not hold any securities with gross unrealized losses.

Maturity information based on fair value of the available-for-sale securities is as follows as of June 30, 2026:


Maturity Information	Fair Value as of June 30, 2026
Maturing in one year or less	$	322,056
Maturing in one to five years		-
Total	$	322,056

As of December 31, 2025, the Company’s marketable securities all matured within one year or less.