The Company invests portions of excess cash in United States treasuries, commercial paper, non-U.S. government securities, municipal securities, and corporate debt securities with maturities ranging from three to thirty-six months from the purchase date. These investments are accounted for as available-for-sale securities and are classified as short-term and long-term investments in the accompanying consolidated balance sheets based on each security’s contractual maturity date. There were no significant realized losses on available-for-sale securities during the period ended June 30, 2026. As of June 30, 2026, the Company did not intend to sell the investments in an unrealized loss position and it was unlikely that the Company will be required to sell the investments before the recovery of their amortized cost basis.

The following table summarizes the Company’s investments accounted for as available-for-sale securities as of June 30, 2026 and December 31, 2025 (in thousands, except for maturity in years):


	Maturity (in years)	Amortized Cost		Unrealized Losses			Unrealized Gains		Estimated Fair Value
June 30, 2026
Classified as current assets:
Money market fund	1 or less	$	25,819	$	—		$	—	$	25,819
U.S. Treasury debt securities	1 or less		20,314		(21	)		—		20,293
Non-US government securities	1 or less		3,882		(4	)		—		3,878
Corporate debt securities	1 or less		37,397		(24	)		—		37,373
Commercial paper	1 or less		63,348		(68	)		—		63,280
Total short-term investments		$	150,760	$	(117	)	$	—	$	150,643

December 31, 2025
Classified as current assets:
Money market fund	1 or less	$	31,693	$	—		$	—	$	31,693
U.S. Treasury debt securities	1 or less		33,740		—			39		33,779
Non-US government securities	1 or less		3,245		—			2		3,247
Corporate debt securities	1 or less		86,167		(15	)		86		86,238
Commercial paper	1 or less		41,941		(10	)		10		41,941
Total short-term investments		$	196,786	$	(25	)	$	137	$	196,898
Classified as non-current assets:
Corporate debt securities	Greater than 1	$	1,468	$	—		$	4	$	1,472
Total long-term investments		$	1,468	$	—		$	4	$	1,472

As of June 30, 2026 and December 31, 2025, the Company had $0.3 million and $0.7 million, respectively, of accrued interest on investments recorded in prepaid expenses and other assets on the unaudited condensed consolidated balance sheets.