All of the Company’s debt securities are classified as available-for-sale. The Company’s cash equivalents and investments as of June 30, 2026 and December 31, 2025 consisted of the following:


		June 30, 2026
(In thousands)	Fair Value Level	Amortized cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash Equivalents		Short-term investments
Money market funds	1	$	2,490	$	—	$	—	$	2,490	$	2,490	$	—


Commercial paper	2	2,996		—		(1)		2,995		—		2,995

Total cash equivalents and investments		$	5,486	$	—	$	(1)	$	5,485	$	2,490	$	2,995


		December 31, 2025
(In thousands)	Fair Value Level	Amortized cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash Equivalents		Short-term investments
Money market funds	1	$	18,602	$	—	$	—	$	18,602	$	18,602	$	—


Commercial paper	2	23,397		1		(1)		23,397		16,425		6,972
U.S. Corporate bonds	2	3,503		1		—		3,504		—		3,504
Total cash equivalents and investments		$	45,502	$	2	$	(1)	$	45,503	$	35,027	$	10,476

Proceeds from the sales of securities were $2.0 million for both the three and six months ended June 30, 2026 and $22.5 million for both the three and six months ended June 30, 2025. Additionally, the Company received proceeds from the maturity of securities of $8.3 million and $18.7 million for the three and six months ended June 30, 2026, respectively, and $3.0 million and $54.7 million for the three and six months ended June 30, 2025, respectively. Gross realized gains were insignificant during all periods presented. Gross realized gains and losses are reclassified from other comprehensive loss into other (expense) income and interest income, net, in the Company’s condensed consolidated statements of operations and are determined using the specific identification method.

As of June 30, 2026 and December 31, 2025, the Company’s investments have been in an immaterial gross unrealized loss position for less than 12 months. As such, no allowance for credit losses was recorded for these securities as of June 30, 2026 and December 31, 2025.