The following table summarizes the Company’s investment securities as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30, 2026
	Amortized cost, as adjusted		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Cash equivalents:
Money market funds	$	96,954	$	—	$	—	$	96,954
Short-term investments:
U.S. treasury notes	112,907		—		(12)		112,895
Total	$	209,861	$	—	$	(12)	$	209,849

All of the Company’s investments mature within the next 12 months.


	December 31, 2025
	Amortized cost, as adjusted		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Cash equivalents:
Money market funds	$	93,593	$	—	$	—	$	93,593
Short-term investments:
U.S. treasury notes	165,168		135		(1)		165,302
Total	$	258,761	$	135	$	(1)	$	258,895