Short-term Investments

6 Months Ended

Jun. 30, 2026

The following tables summarize the Company’s short-term investments in marketable securities (in thousands):


As of June 30, 2026	Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
U.S. Treasury securities	1 or less	$	191,801	$	—	$	(235	)	$	191,566
Total		$	191,801	$	—	$	(235	)	$	191,566

As of December 31, 2025, the Company held no short-term investments.

The unrealized losses on the Company’s short-term investments were caused by interest rate increases and resulted in the decrease in market value of these securities. There were no allowances for credit losses at June 30, 2026 because (i) the decline in fair value is attributable to changes in interest rates and not credit quality, (ii) the Company does not intend to sell the investments before maturity, and (iii) it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

The following table summarizes marketable securities in a continuous unrealized loss position for which an allowance for credit losses was not recorded (in thousands):


	Less Than 12 Months					Total
As of June 30, 2026	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury securities	$	186,577	$	(235	)	$	186,577	$	(235	)
Total	$	186,577	$	(235	)	$	186,577	$	(235	)

Accrued interest receivable on available-for-sale securities was $1.3 million at June 30, 2026. The Company has not written off any accrued interest receivable for the six months ended June 30, 2026.

- Definition

The entire disclosure for investments owned by investment company.

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