Marketable Securities

6 Months Ended

Jun. 30, 2026

4. Marketable Securities

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


	June 30, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Financial assets:
Money market funds	$	35,508	$	—	$	—		$	35,508
U.S. treasury securities		7,424		1		(2	)	$	7,423
Total cash equivalents and investments	$	42,932	$	1	$	(2	)	$	42,931
Classified as:
Cash equivalents									35,508
Short-term investments									7,423
Total cash equivalents and investments								$	42,931

As of June 30, 2026, total cash, cash equivalents and available-for-sale investments of $43.0 million includes cash equivalents and marketable securities of $42.9 million plus cash of $0.1 million.


	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Financial assets:
Money market funds	$	12,695	$	—	$	—	$	12,695
U.S. treasury securities		45,132		35		—		45,167
Total cash equivalents and investments	$	57,827	$	35	$	—	$	57,862
Classified as:
Cash equivalents								12,695
Short-term investments								45,167
Total cash equivalents and investments							$	57,862

As of December 31, 2025, total cash, cash equivalents and available-for-sale investments of $58.0 million includes cash equivalents and marketable securities of $57.9 million plus cash of $0.1 million.

The fair values of available-for-sale securities by contractual maturity as of June 30, 2026 and December 31, 2025 were as follows:


	June 30,		December 31,
	2026		2025
	(in thousands)
Due in 1 year or less		7,423		45,167
Due in 1 - 2 years		—		—
Due in 3 years		—		—
Instruments not due at a single maturity date		35,508		12,695
Total available-for-sale securities	$	42,931	$	57,862

As of June 30, 2026 and December 31, 2025, the Company recognized $0.1 million and $0.2 million, respectively, of accrued interest receivable from available-for-sale securities within prepaid expenses and other current assets on the balance sheet. As of June 30, 2026 and December 31, 2025, the remaining contractual maturities of available-for-sale securities were less than three years. There have been no realized losses on available-for-sale securities for the three and six months ended June 30, 2026 and 2025, respectively. The Company believes there are no other-than-temporary impairments on these securities as of June 30, 2026 and December 31, 2025, respectively, because the Company does not intend to sell these securities, nor does it believe that it will be required to sell these securities before the recovery of their amortized cost basis. None of the Company’s available-for-sale investments have been in a continuous unrealized loss position for 12 months or longer as of June 30, 2026 and December 31, 2025, respectively.