The fair value of cash and cash equivalents, restricted cash and investments held are as follows:


	As of June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Cash and cash equivalents	$	40,925	$	—	$	(1)	$	40,924


Securities maturing within one year:
U.S. treasury securities	116,967		—		(142)		116,825
Corporate debt securities	32,922		—		(61)		32,861
Total short-term investments	$	149,889	$	—	$	(203)	$	149,686
Total cash and cash equivalents and short-term investments	$	190,814	$	—	$	(204)	$	190,610

	As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
			(in thousands)
Cash and cash equivalents	$	34,326	$	—	$	—	$	34,326
Restricted cash	29,000		—		—		29,000
Total cash and cash equivalents and restricted cash	$	63,326	$	—	$	—	$	63,326
Securities maturing within one year:
U.S. treasury securities	39,004		22		—		39,026
Corporate debt securities	22,871		8		(1)		22,878
Total short-term investments	$	61,875	$	30	$	(1)	$	61,904
Total cash and cash equivalents, restricted cash and short-term investments	$	125,201	$	30	$	(1)	$	125,230

As of June 30, 2026 and December 31, 2025, Lexicon’s investments in an unrealized loss position had an estimated fair value of $153.7 million and $2.5 million, respectively. During the six month period ended June 30, 2026, there were less than $0.1 million in realized gains and no realized losses. There were no realized gains or losses during the six month period ended June 30, 2025.