Cash equivalents and marketable securities consisted of the following:


	June 30, 2026
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Money market funds	$	44,695		$	—	$	—		$	44,695
Commercial paper		26,773			—		(12	)		26,761
Corporate debt securities		44,020			1		(16	)		44,005
Asset-backed securities		32,275			1		(15	)		32,261
U.S. government securities		14,967			—		(17	)		14,950
Total		162,730			2		(60	)		162,672
Less amounts classified as cash equivalents		(52,663	)		—		2			(52,661	)
Total marketable securities	$	110,067		$	2	$	(58	)	$	110,011


	December 31, 2025
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Money market funds	$	51,333		$	—	$	—		$	51,333
Commercial paper		29,134			5		—			29,139
Corporate debt securities		16,950			2		—			16,952
Asset-backed securities		7,281			—		(1	)		7,280
U.S. government securities		29,914			13		—			29,927
Total		134,612			20		(1	)		134,631
Less amounts classified as cash equivalents		(51,333	)		—		—			(51,333	)
Total marketable securities	$	83,279		$	20	$	(1	)	$	83,298

No marketable securities had maturities of more than one year as of June 30, 2026 and December 31, 2025.

During the three and six months ended June 30, 2026, the Company did not record any other-than-temporary impairment charges on its available-for-sale securities. Based on the Company’s procedures under the expected credit loss model, including an assessment of unrealized losses on the portfolio after June 30, 2026, the Company concluded that the unrealized losses for its marketable securities were not attributable to credit and therefore an allowance for credit losses for these securities has not been recorded as of June 30, 2026. Also, based on the scheduled maturities of the investments, the Company was more likely than not to hold these investments for a period of time sufficient for a recovery of the Company’s cost basis.

The Company recognized no material gains or losses on its cash equivalents and marketable securities as of June 30, 2026 and as a result, the Company did not reclassify any amounts out of accumulated other comprehensive income (loss) for the period then ended.