The fair value and amortized cost of cash equivalents and available-for-sale securities by major security type as of June 30, 2026 and as of December 31, 2025 are presented in the following tables:


	June 30, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(In thousands)
Money market funds	$	34,201	$	—	$	—	$	34,201
Commercial paper	142,709		9		(216)		142,502
Corporate bonds	84,598		—		(110)		84,488
U.S. treasury securities	127,252		31		(178)		127,105
U.S. agency securities	30,923		—		(54)		30,869

Total cash equivalents and investments	$	419,683	$	40	$	(558)	$	419,165

Classified as:
Cash equivalents							$	34,201
Short-term investments							293,978
Long-term investments							90,986
Total cash equivalents and investments							$	419,165


	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(In thousands)
Money market funds	$	48,576	$	—	$	—	$	48,576
Commercial paper	42,696		18		(10)		42,704
Corporate bonds	53,636		69		—		53,705
U.S. treasury securities	75,990		167		—		76,157
U.S. agency securities	33,974		25		—		33,999

Total cash equivalents and investments	$	254,872	$	279	$	(10)	$	255,141

Classified as:
Cash equivalents							$	48,576
Short-term investments							198,522
Long-term investments							8,043
Total cash equivalents and investments							$	255,141

As of June 30, 2026, the amortized cost and fair value of cash equivalents and available-for-sale securities with remaining contractual maturities of less than 1 year were $328.5 million and $328.2 million, respectively, and the amortized cost and fair value of cash equivalents and for available-for-sale securities with remaining contractual maturities with maturities of 1 to 3 years were $91.2 million and $91.0 million, respectively.

There were no significant realized losses on available-for-sale securities for the three and six months ended June 30, 2026 and 2025. As of June 30, 2026, unrealized losses on available-for-sale securities are not attributed to credit risk. The Company believes that it is more likely than not that investments in an unrealized loss position will be held until maturity and all interest and principal will be received. The Company believes that an allowance for credit losses is unnecessary because the unrealized losses on certain of the Company’s available-for-sale securities are due to market factors. As of June 30, 2026 and December 31, 2025, there were no securities in a continuous net unrealized loss position for more than 12 months. To date, the Company has not recorded any impairment charges on available-for-sale securities.

The Company has made an accounting policy election not to recognize an allowance for credit losses for accrued interest receivable on available-for-sale securities. As of June 30, 2026 and December 31, 2025, the Company recognized $2.2 million and $1.5 million, respectively, of accrued interest receivable from available-for-sale securities within prepaid expenses and other current assets on the condensed balance sheets.