The Company classifies its investments in debt securities as available-for-sale. Available-for-sale investments were comprised of highly-liquid investments with minimum “A” rated securities and, as of June 30, 2026, consisted of corporate entity debt securities and U.S. Treasury securities and, as of December 31, 2025, consisted of corporate entity debt securities. The securities are reported at fair value with unrealized gains or losses recorded in accumulated other comprehensive loss in the Condensed Consolidated Statements of Comprehensive Loss.

The following tables represent the Company’s available-for-sale investments due within one year by major security type as of June 30, 2026 and December 31, 2025:


	June 30, 2026
(in thousands)	Amortized Cost		Gross Unrealized Losses			Total Fair Value
Corporate Debt Securities	$	39,607	$	(12	)	$	39,595
U.S. Treasury Securities		20,001		(3	)		19,998
Total	$	59,608	$	(15	)	$	59,593


	December 31, 2025
(in thousands)	Amortized Cost		Gross Unrealized Gains		Total Fair Value
Corporate Debt Securities	$	13,627	$	4	$	13,631
U.S. Treasury Securities		—		—		—
Total	$	13,627	$	4	$	13,631

The Company reviews available-for-sale investments for impairment loss periodically. During the three and six months ended June 30, 2026, the Company did not recognize any impairment losses. The fair value for U.S. Treasury Securities is based on quoted market prices for identical assets and is classified as Level 1 in the fair value hierarchy. The fair value for fixed-rate debt securities is based on quoted market prices for the same or similar debt instruments and is classified as Level 2 in the fair value hierarchy. Refer to Note 14 - Fair Value of Financial Instruments for further information.