| Financial Instruments |
3. Financial Instruments The following table shows the Company’s cash, cash equivalent and investments by significant investment category as of June 30, 2026: | | | | | | | | | | | | | | | | | | | | As of June 30, 2026 | | | | | | | | | | | | | Cash and Cash | | Short-Term | | Long-Term | | | | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | | Equivalents | | Investments | | Investments | | | Cash | | $ | — | $ | — | $ | — | $ | — | $ | 13,434 | $ | — | $ | — | | | Level 1: | | | — | | — | | — | | — | | — | | — | | — | | | Money market funds | | | — | | — | | — | | — | | 117,303 | | — | | — | | | U.S. Treasury securities | | | 135,955 | | 1,868 | | — | | 137,823 | | — | | 137,823 | | — | | | Level 2: | | | — | | — | | — | | — | | — | | — | | — | | | Government securities | | | 14,910 | | — | | (41) | | 14,869 | | — | | 4,958 | | 9,911 | | | Total | | $ | 150,865 | $ | 1,868 | $ | (41) | $ | 152,692 | $ | 130,737 | $ | 142,781 | $ | 9,911 | | |
| | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | | | | | | | | | | | | Cash and Cash | | Short-Term | | Long-Term | | | | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | | Equivalents | | Investments | | Investments | | | Cash | | $ | — | $ | — | $ | — | $ | — | $ | 3,267 | $ | — | $ | — | | | Level 1: | | | — | | — | | — | | — | | — | | — | | — | | | Money market funds | | | — | | — | | — | | — | | 93,897 | | — | | — | | | U.S. Treasury securities | | | 199,497 | | 1,129 | | — | | 200,626 | | — | | 200,626 | | — | | | Level 2: | | | — | | — | | — | | — | | — | | — | | — | | | Government securities | | | — | | — | | — | | — | | — | | — | | — | | | Total | | $ | 199,497 | $ | 1,129 | $ | — | $ | 200,626 | $ | 97,164 | $ | 200,626 | $ | — | | |
As of June 30, 2026, accrued interest earned of $98 related to investments were included in prepaid expenses and other current assets on the condensed consolidated balance sheets. There was no allowance for expected credit losses on available-for-sale debt securities included as of June 30, 2026 as the unrealized losses were deemed to be temporary in nature. The following table shows the fair value of the Company’s investments, by contractual maturity, as of June 30, 2026: | | | | | | | | Due within 1 year | | $ | 142,781 | Due after 1 year through 5 years | | | 9,911 | Total fair value | | $ | 152,692 |
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