
	June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. treasury bills	$	4,474	$	—	$	(3)	$	4,471
U.S. commercial paper	7,988		—		(1)		7,987
Foreign commercial paper	5,485		—		(1)		5,484
Total	$	17,947	$	—	$	(5)	$	17,942


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. treasury bills	$	3,995	$	2	$	—	$	3,997
U.S. government agency obligations	3,002		—		(1)		3,001
U.S. corporate debt securities	1,000		1		—		1,001
U.S. commercial paper	10,974		—		(1)		10,973
Foreign commercial paper	8,460		—		(2)		8,458
Total	$	27,431	$	3	$	(4)	$	27,430

At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are the result of credit losses. Impairment is assessed at the individual security level. Factors considered in determining whether a loss resulted from a credit loss or other factors include the Company’s intent and ability to hold the investment until the recovery of its amortized cost basis, the extent to which the fair value is less than the amortized cost basis, the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any changes to the rating of the security by a rating agency, any adverse legal or regulatory events affecting the issuer or issuer’s industry, and any significant deterioration in economic conditions.

The Company does not intend to sell the investment in unrealized loss position and it is unlikely that the Company will be required to sell the investment before the recovery of its amortized cost basis. Based on its evaluation, the Company determined its credit losses related to its available-for-sale securities were immaterial at June 30, 2026 and December 31, 2025.

The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. The Company regularly monitors and evaluates the realizable value of its available-for-sale investment securities. The Company did not recognize any impairment losses for the three and six months ended June 30, 2026 or 2025.

Unrealized gains and losses associated with the Company’s investments are reported in accumulated other comprehensive loss. For the three and six months ended June 30, 2026, the Company recorded $1,000 and $5,000, respectively, in net unrealized losses associated with its available-for-sale investments. For the three and six months ended June 30, 2025, the Company recorded $6,000 and $7,000, respectively, in net unrealized losses associated with its available-for-sale investments.

Realized gains and losses associated with its investments, if any, are reported in the statements of operations and comprehensive loss. The Company did not recognize any realized gains or losses during the three and six months ended June 30, 2026 or 2025.


	June 30, 2026		December 31, 2025
Prepaid clinical and manufacturing expenses	$	2,848	$	5,825
Prepaid insurance	496		329
Prepaid taxes	302		243
Interest receivables	22		148
Other prepaid expenses and current assets	533		29
Total prepaid expenses and other current assets	$	4,201	$	6,574


	June 30, 2026		December 31, 2025
Accrued clinical, manufacturing and professional expense	$	11,795	$	8,086
Accrued compensation and benefits	1,873		2,914
Other accrued expenses	224		160
Total accrued liabilities	$	13,892	$	11,160