| Investments |
The following tables summarize investments accounted for as available-for-sale securities (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
As of June 30, 2026 |
|
| |
|
Acquisition
Cost |
|
|
Unrealized
Gain |
|
|
Unrealized
Loss |
|
|
Estimated Fair
Value |
|
| Money market funds |
|
$ |
16,304 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
16,304 |
|
| U.S. government obligations |
|
|
52,445 |
|
|
|
— |
|
|
|
(32 |
) |
|
|
52,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total cash equivalents and investments |
|
$ |
68,749 |
|
|
$ |
— |
|
|
$ |
(32 |
) |
|
$ |
68,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Classified as: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
16,304 |
|
| Short-term investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total cash equivalents and investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
68,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
As of December 31, 2025 |
|
| |
|
Acquisition
Cost |
|
|
Unrealized
Gain |
|
|
Unrealized
Loss |
|
|
Estimated Fair
Value |
|
| Money market funds |
|
$ |
16,100 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
16,100 |
|
| U.S. government obligations |
|
|
89,649 |
|
|
|
64 |
|
|
|
— |
|
|
|
89,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total cash equivalents and investments |
|
$ |
105,749 |
|
|
$ |
64 |
|
|
$ |
— |
|
|
$ |
105,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Classified as: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
16,100 |
|
| Short-term investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
89,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total cash equivalents and investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
105,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On June 30, 2026 and December 31, 2025, the remaining contractual maturities of all the Company’s investments were less than 12 months. As of June 30, 2026 and December 31, 2025, the Company has not established an allowance for credit losses for any of its securities. As of June 30, 2026, there were eighteen available-for-sale securities with an estimated fair value of $49.4 million in gross unrealized loss positions. As of December 31, 2025, there were no securities in a gross unrealized loss position. Based on its review of these investments, the Company believes that the unrealized losses are attributable to changes in market interest rates and not to credit-related factors and therefore were not other-than-temporary in nature. |
The following tables summarize investments accounted for as available-for-sale securities (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
As of December 31, 2025 |
|
| |
|
Acquisition
Cost |
|
|
Unrealized
Gain |
|
|
Unrealized
Loss |
|
|
Estimated Fair
Value |
|
| Money market funds |
|
$ |
16,100 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
16,100 |
|
| U.S. government obligations |
|
|
89,649 |
|
|
|
64 |
|
|
|
— |
|
|
|
89,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total cash equivalents and investments |
|
$ |
105,749 |
|
|
$ |
64 |
|
|
$ |
— |
|
|
$ |
105,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Classified as: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
16,100 |
|
| Short-term investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
89,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total cash equivalents and investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
105,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
As of December 31, 2024 |
|
| |
|
Acquisition
Cost |
|
|
Unrealized
Gain |
|
|
Unrealized
Loss |
|
|
Estimated Fair
Value |
|
| Money market funds |
|
$ |
24,889 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
24,889 |
|
| U.S. government obligations |
|
|
118,170 |
|
|
|
121 |
|
|
|
(2 |
) |
|
|
118,289 |
|
| Corporate debt securities |
|
|
7,236 |
|
|
|
2 |
|
|
|
— |
|
|
|
7,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total cash equivalents and investments |
|
$ |
150,295 |
|
|
$ |
123 |
|
|
$ |
(2 |
) |
|
$ |
150,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Classified as: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
24,889 |
|
| Short-term investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
125,527 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total cash equivalents and investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
150,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| On December 31, 2025 and 2024, the remaining contractual maturities of all the Company’s available-for-sale investments were less than twelve months. As of December 31, 2025 and 2024, the Company has not established an allowance for credit losses for any of its available-for-sale securities. As of December 31, 2025, there were no available-for-sale securities in a gross unrealized loss position. As of December 31, 2024, there was one available-for-sale security, with an estimated fair value of $8.0 million, in a gross unrealized loss position. Based on its review of these investments as of December 31, 2025 and 2024, the Company believed that the unrealized loss as of December 31, 2024 was not other-than-temporary in nature.
|