Short-Term Investments

6 Months Ended

Jun. 30, 2026

Investments, All Other Investments [Abstract]

During the three months ended June 30, 2026, the Company began investing in short‑term investments, with original maturities ranging from three months to one year. Short-term investments consist of the following as of June 30, 2026 (dollars in thousands):


	As of June 30, 2026
	(Unaudited)
Short-term investments	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Fair Value
Commercial paper	$	29,113	$	—	$	—	$	29,113
U.S. Treasury securities	47,154		—		(11)		47,143
Total short-term investments	$	76,267	$	—	$	(11)	$	76,256

There were no realized gains or losses from the sale of short-term investments for the three months ended June 30, 2026. The unrealized losses on the Company’s short-term investments in U.S. Treasury securities as of June 30, 2026 were caused by changes in market values primarily due to interest rate volatility. As of June 30, 2026, there were no securities which were in an unrealized loss position for a period longer than 12 months. There were no impairment charges recorded during the three months ended June 30, 2026. The Company has no allowance for credit losses related to its short-term investments, as all investments are in investment grade securities. Interest income related to the Company’s short-term investments and cash and cash equivalents was $1.9 million and $3.4 million for the three and six months ended June 30, 2026, respectively.

Available-for-sale securities are included in Level 2 and are estimated based on observable inputs other than quoted prices in active markets for identical assets and liabilities, such as quoted prices for identical or similar assets or liabilities in inactive markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.