| MARKETABLE SECURITIES |
The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of our marketable securities by type of security as of June 30, 2026 and December 31, 2025 was as follows:
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| |
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|
Fair Value
Hierarchy Level |
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|
Gross
Unrealized
Holding Gains |
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|
Gross
Unrealized
Holding Losses |
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|
|
Cash and cash equivalents |
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|
Level 1 |
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|
$ |
65,981 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
65,981 |
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|
$ |
65,981 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
65,981 |
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| |
|
|
|
|
|
|
|
|
Fair Value
Hierarchy Level |
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|
|
|
Gross
Unrealized
Holding Gains |
|
|
Gross
Unrealized
Holding Losses |
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|
|
|
Cash and cash equivalents |
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|
Level 1 |
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|
$ |
6,695 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
6,695 |
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|
|
|
Level 1 |
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|
19,212 |
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|
17 |
|
|
|
— |
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|
|
19,229 |
|
U.S. government agency securities |
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|
Level 2 |
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|
|
4,630 |
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|
|
1 |
|
|
|
— |
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|
|
4,631 |
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$ |
30,537 |
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|
$ |
18 |
|
|
$ |
— |
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|
$ |
30,555 |
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| The fair values of marketable securities by classification in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025 was as follows:
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Cash and cash equivalents |
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$ |
65,981 |
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|
$ |
7,193 |
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|
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— |
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|
23,362 |
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|
|
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|
$ |
65,981 |
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|
$ |
30,555 |
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| The fair values of debt securities as of June 30, 2026 and December 31, 2025, by contractual maturity, are summarized as follows:
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$ |
65,981 |
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|
$ |
30,555 |
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|
|
|
|
|
|
$ |
65,981 |
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|
$ |
30,555 |
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| The aggregate fair value of debt securities in an unrealized loss position as of December 31, 2025 was $0.7 million. There was no aggregate fair value of debt securities in an unrealized loss position as of June 30, 2026. As of June 30, 2026, the Company did not have any investments in a continuous unrealized loss position for more than twelve months. No allowance for credit loss was recorded as of 2026 and December 31, 2025. |
4. MARKETABLE SECURITIES The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of our marketable securities by type of security as of December 31, 2025 and 2024 was as follows:
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| |
|
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|
|
|
|
|
|
Fair Value
Hierarchy
Level |
|
|
|
|
|
Gross
Unrealized
Holding Gains |
|
|
Gross
Unrealized
Holding
Losses |
|
|
|
|
Cash and cash equivalents |
|
|
Level 1 |
|
|
$ |
6,695 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6,695 |
|
U.S. treasury securities |
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|
Level 1 |
|
|
|
19,212 |
|
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|
17 |
|
|
|
— |
|
|
|
19,229 |
|
U.S. government agency securities |
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|
Level 2 |
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|
|
4,630 |
|
|
|
1 |
|
|
|
— |
|
|
|
4,631 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
30,537 |
|
|
$ |
18 |
|
|
$ |
— |
|
|
$ |
30,555 |
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|
|
|
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| |
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|
Fair Value
Hierarchy
Level |
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|
|
|
|
Gross
Unrealized
Holding Gains |
|
|
Gross
Unrealized
Holding
Losses |
|
|
|
|
Money market funds |
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|
Level 1 |
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|
$ |
8,705 |
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|
$ |
— |
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$ |
— |
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|
$ |
8,705 |
|
U.S. treasury securities |
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|
Level 1 |
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|
34,316 |
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|
54 |
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|
(15 |
) |
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|
34,355 |
|
U.S. government agency securities |
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|
Level 2 |
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|
17,224 |
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|
32 |
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(3 |
) |
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|
17,253 |
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$ |
60,245 |
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|
$ |
86 |
|
|
$ |
(18 |
) |
|
$ |
60,313 |
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| The fair values of marketable securities by classification on the consolidated balance sheets as of December 31, 2025 and 2024 was as follows:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
7,193 |
|
|
$ |
8,705 |
|
Marketable securities |
|
|
23,362 |
|
|
|
51,608 |
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|
|
|
|
|
|
|
|
|
|
|
$ |
30,555 |
|
|
$ |
60,313 |
|
|
|
|
|
|
|
|
|
| The fair values of debt securities as of December 31, 2025 and 2024, by contractual maturity, are summarized as follows:
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|
|
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|
|
Due in one year or less |
|
$ |
30,555 |
|
|
$ |
51,357 |
|
Due after one year through two years |
|
|
— |
|
|
|
8,956 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
30,555 |
|
|
$ |
60,313 |
|
|
|
|
|
|
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|
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| The aggregate fair value of debt securities in an unrealized loss position as of December 31, 2025 and 2024 was $0.7 million and $10.4 million, respectively. As of December 31, 2025 and 2024, we did not have any investments in a continuous unrealized loss position for more than twelve months. As of December 31, 2025, the Company believes that the cost basis of our debt securities is recoverable. No allowance for credit losses was recorded as of December 31, 2025 and 2024. |