The following tables summarize investments accounted for as available-for-sale securities (in thousands):


	As of June 30, 2026
	Acquisition Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Money market funds	$	16,304	$	—	$	—		$	16,304
U.S. government obligations		52,445		—		(32	)		52,413
Total cash equivalents and investments	$	68,749	$	—	$	(32	)	$	68,717
Classified as:
Cash equivalents								$	16,304
Short-term investments									52,413
Total cash equivalents and investments								$	68,717


	As of December 31, 2025
	Acquisition Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Money market funds	$	16,100	$	—	$	—	$	16,100
U.S. government obligations		89,649		64		—		89,713
Total cash equivalents and investments	$	105,749	$	64	$	—	$	105,813
Classified as:
Cash equivalents							$	16,100
Short-term investments								89,713
Total cash equivalents and investments							$	105,813

On June 30, 2026 and December 31, 2025, the remaining contractual maturities of all the Company’s available-for-sale investments were less than 12 months. As of June 30, 2026 and December 31, 2025, the Company has not established an allowance for credit losses for any of its available-for-sale securities.

As of June 30, 2026, there were eighteen available-for-sale securities with an estimated fair value of $49.4 million in gross unrealized loss positions. As of December 31, 2025, there were no available-for-sale securities in a gross unrealized loss position. Based on its review of these investments, the Company believes that the unrealized losses are attributable to changes in market interest rates and not to credit-related factors and therefore were not other-than-temporary in nature.