The Company’s short-term investments consist of U.S. Treasury securities, U.S. Government agency securities and highly rated, investment-grade corporate debt securities with original maturities beyond three months at the date of purchase. The Company has classified and accounted for its short-term investments as available-for-sale securities as the Company may sell

these securities at any time for reasons including, but not limited to, managing liquidity, credit risk, duration and asset allocation and such investments represent cash available for current operations. As a result, short-term investments may include securities with maturities beyond twelve months that are classified within current assets in the condensed balance sheets. The Company’s short-term investments classified as available-for-sale are carried at fair market value with unrealized gains or losses recognized in the statements of operations and comprehensive loss.

The Company’s cash equivalent Money Market Funds are classified as Level 1 in the fair value hierarchy because they are valued using quoted active market prices. The fair value of the Company’s U.S. Treasury securities, U.S. Government agency securities and corporate debt securities are classified as Level 2 because they are valued using observable inputs to quoted market prices other than Level 1 prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency and include U.S. Government agency securities, U.S. Treasury securities and corporate debt securities.

There were no assets or liabilities recorded at fair value to the condensed balance sheets using Level 3 inputs as of June 30, 2026 and as of December 31, 2025.

The following tables show the Company’s short-term investments and cash equivalents by significant investment category as of June 30, 2026 and December 31, 2025 (in thousands):


		As of June 30, 2026								As of December 31, 2025
		Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value		Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value
Money Market Funds	Level 1	$	17,141	$	—	$	—	$	17,141	$	24,811	$	—	$	—	$	24,811
U.S. Treasury securities	Level 2	17,087		—		(109)		16,978		8,064		2		(1)		8,065
U.S. Government agency securities	Level 2	2,007		—		(11)		1,996		1,001		—		—		1,001
Corporate debt securities	Level 2	114,521		1		(278)		114,244		139,941		26		(42)		139,925
Total financial assets		$	150,756	$	1	$	(398)	$	150,359	$	173,817	$	28	$	(43)	$	173,802


	As of June 30, 2026								As of December 31, 2025
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value		Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value
Classified as:
Cash equivalents	$	17,141	$	—	$	—	$	17,141	$	28,303	$	—	$	—	$	28,303
Short-term investments	133,615		1		(398)		133,218		145,514		28		(43)		145,499
Total	$	150,756	$	1	$	(398)	$	150,359	$	173,817	$	28	$	(43)	$	173,802

There were no liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025. The Company evaluates transfers between levels at the end of each reporting period and there have been no transfers between fair value measurement levels during the six months ended June 30, 2026. In addition, there were no assets or liabilities measured at fair value on a non-recurring basis as of June 30, 2026 and December 31, 2025.

The Company records interest income, accretion income and amortization expense on short-term investments to interest and other income (expense), net in its condensed statement of operations and comprehensive loss.