Cash equivalents and available-for-sale marketable securities included the following as of June 30, 2026 and December 31, 2025:


					Unrealized Losses
	Amortized Cost		Unrealized Gains		Less than 12 months			Greater than 12 months			Fair Value
	(in thousands)
As of June 30, 2026
Cash equivalents:
Money market funds	$	24,548	$	—	$	—		$	—		$	24,548
Marketable securities:
U.S. Treasury notes		40,002		15		(3	)		(83	)		39,931
U.S. Government agency securities		24,067		—		(17	)		(110	)		23,940
Corporate bonds		43,466		2		(46	)		(51	)		43,371
Commercial paper		5,803		—		—			—			5,803
Total cash equivalents and marketable securities	$	137,886	$	17	$	(66	)	$	(244	)	$	137,593
As of December 31, 2025
Cash equivalents:
Money market funds	$	51,161	$	—	$	—		$	—		$	51,161
Commercial paper		3,477		—		—			—			3,477
Marketable securities:
U.S. Treasury notes		72,665		141		(1	)		—			72,805
U.S. Government agency securities		15,376		18		—			(7	)		15,387
Corporate bonds		44,251		19		(10	)		—			44,260
Commercial paper		3,939		—		—			—			3,939
Total cash equivalents and marketable securities	$	190,869	$	178	$	(11	)	$	(7	)	$	191,029

All of the Company’s marketable securities as of June 30, 2026 and December 31, 2025, have a contractual maturity of two years or less.

The Company reviews investments whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. In connection with these investments, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors, considering the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss on the condensed consolidated balance sheet, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that is not related to credit is recognized in other comprehensive (loss) income. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense in other income, net within the condensed consolidated statement of operations and comprehensive (loss) income. Losses are charged against the allowance when the Company believes the uncollectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. No credit losses were recorded during the periods presented.

As of June 30, 2026 and December 31, 2025, the Company held 58 and 20 marketable securities, respectively, that were in an unrealized loss position, representing $74.5 million and $26.6 million in fair value, respectively. The unrealized losses as of June 30, 2026 and December 31, 2025, were attributable to changes in interest rates and do not represent credit losses. The Company does not intend to sell these securities, and it is not more likely than not that it will be required to sell them before recovery of their amortized cost basis.

Restricted cash balances for both periods presented are held in the form of money market accounts and represent collateral for the Company’s facility lease obligations.