| Cash, Cash Equivalents and Short-Term Investments |
4. Cash, Cash Equivalents and Short-Term Investments It is the Company’s policy to mitigate credit risk in its financial assets by maintaining a well-diversified portfolio that limits the amount of exposure as to maturity and investment type. The following table summarizes the Company’s cash, cash equivalents and short-term investments (in thousands):
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AS OF JUNE 30, 2026 |
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CLASSIFICATION |
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MATURITY |
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AMORTIZED
COST |
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GROSS
UNREALIZED
GAINS |
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GROSS
UNREALIZED
LOSSES |
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FAIR
MARKET
VALUE |
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Cash and money market funds |
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Cash and cash equivalents |
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Less than three months |
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$ |
301,454 |
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$ |
— |
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$ |
— |
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$ |
301,454 |
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Commercial paper |
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Short-term investments |
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1 year or less |
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12,357 |
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— |
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(11 |
) |
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12,346 |
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Government and government agency bonds |
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Short-term investments |
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1 year or less |
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16,331 |
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5 |
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(1 |
) |
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16,335 |
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Corporate debt obligations |
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Short-term investments |
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1 year or less |
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18,264 |
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— |
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(8 |
) |
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18,256 |
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Corporate debt obligations |
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Short-term investments |
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Greater than 1 year |
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1,009 |
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— |
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(6 |
) |
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1,003 |
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Total cash, cash equivalents and short-term investments |
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$ |
349,415 |
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$ |
5 |
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$ |
(26 |
) |
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$ |
349,394 |
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AS OF DECEMBER 31, 2025 |
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CLASSIFICATION |
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MATURITY |
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AMORTIZED
COST |
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GROSS
UNREALIZED
GAINS |
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GROSS
UNREALIZED
LOSSES |
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FAIR
MARKET
VALUE |
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Cash and money market funds |
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Cash and cash equivalents |
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Less than three months |
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$ |
26,701 |
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$ |
— |
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$ |
— |
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$ |
26,701 |
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Commercial paper |
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Short-term investments |
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1 year or less |
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15,916 |
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5 |
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(3 |
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15,918 |
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Government and government agency bonds |
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Short-term investments |
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1 year or less |
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43,334 |
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73 |
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— |
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43,407 |
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Corporate debt obligations |
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Short-term investments |
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1 year or less |
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19,938 |
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29 |
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— |
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19,967 |
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Corporate debt obligations |
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Short-term investments |
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Greater than 1 year |
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2,016 |
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1 |
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(2 |
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2,015 |
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Total cash, cash equivalents and short-term investments |
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$ |
107,905 |
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$ |
108 |
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$ |
(5 |
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$ |
108,008 |
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At June 30, 2026, the Company had 18 securities with contractual maturities of one year or less and one security with a contractual maturity greater than one year in an unrealized loss position, all of which have been in an unrealized loss position for less than 12 months. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis. As of June 30, 2026, no allowance for credit losses was recorded.
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