Cash equivalents and marketable securities are classified as available-for-sale and are recorded at fair value on the condensed consolidated balance sheets, with any unrealized gains and losses reported in accumulated other comprehensive loss, which is reflected as a separate component of stockholders’ equity on the Company’s condensed consolidated balance sheets, until realized. The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company considers all marketable securities to be current assets as they are available for use in current operations.



	June 30, 2026
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair market value
Assets
Money market funds	$	98,399	$	—	$	—	$	98,399

U.S. treasuries	93,394		8		(125)		93,277
Total	$	191,793	$	8	$	(125)	$	191,676
Classified as:
Cash equivalents							$	98,399
Marketable securities							93,277

Total							$	191,676



	December 31, 2025
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair market value
Assets
Money market funds	$	14,410	$	—	$	—	$	14,410

U.S. treasuries	124,059		208		—		124,267
Total	$	138,469	$	208	$	—	$	138,677
Classified as:
Cash equivalents							$	14,410
Marketable securities							124,267

Total							$	138,677

As of June 30, 2026, the Company held no marketable securities with a remaining maturity of greater than one year. There were no realized gains or losses on securities for the six months ended June 30, 2026 and 2025. Unrealized gains and losses on securities were primarily due to changes in interest rates. There are no investments in a continuous unrealized loss position for more than twelve months as of June 30, 2026. The Company does not intend to sell securities that are in an unrealized loss.