Short-Term Investments (Tables)

6 Months Ended

Jun. 30, 2026

The following represents a summary of the estimated fair value of short-term investments as of June 30, 2026 and December 31, 2025 (in thousands):


As of June 30, 2026	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value
Available-for-sale securities:
United States Government-sponsored enterprises	$	119,482	$	166	$	(163)	$	119,485
United States Treasury securities	128,764		4		(468)		128,300
Commercial paper	19,492		—		(14)		19,478
Corporate debt securities	126,206		14		(305)		125,915


Total	$	393,944	$	184	$	(950)	$	393,178


As of December 31, 2025	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value
Available-for-sale securities:
United States Government-sponsored enterprises	$	101,230	$	773	$	(8)	$	101,995
United States Treasury securities	34,267		71		—		34,338
Commercial paper	21,500		17		(1)		21,516
Corporate debt securities	44,082		102		(1)		44,183


Total	$	201,079	$	963	$	(10)	$	202,032

The contractual maturities of available-for-sale debt securities as of June 30, 2026 were as follows (in thousands):


	Years to Maturity
As of June 30, 2026	Within One Year		One to Two Years		Two to Three Years		Estimated Fair Value
United States Government-sponsored enterprises	$	83,477	$	33,021	$	2,987	$	119,485
United States Treasury securities	72,138		43,762		12,400		128,300
Commercial paper	19,478		—		—		19,478
Corporate debt securities	50,716		75,199		—		125,915


Total	$	225,809	$	151,982	$	15,387	$	393,178