| Investments |
Investments The following table summarizes the Company’s cash equivalents and marketable securities (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortized Cost | | Gross Unrealized | | Fair Value | | Net Carrying Value | | | Gains | | Losses | | | | As of September 30, 2026 | (in thousands) | | | | | | | | | | | | Cash equivalents | | | | | | | | | | | Money market funds | $ | 71,051 | | | $ | — | | | $ | — | | | $ | 71,051 | | | $ | 71,051 | | | U.S. treasury securities | 44,635 | | | 1 | | | (1) | | | 44,635 | | | 44,635 | | | | | | | | | | | | | Total cash equivalents | $ | 115,686 | | | $ | 1 | | | $ | (1) | | | $ | 115,686 | | | $ | 115,686 | | | | | | | | | | | | | Marketable securities | | | | | | | | | | | U.S. treasury securities | $ | 31,679 | | | $ | 2 | | | $ | (19) | | | $ | 31,662 | | | $ | 31,679 | | | Corporate debt securities | 9,544 | | | — | | | (27) | | | 9,517 | | | 9,544 | | | Total marketable securities | $ | 41,223 | | | $ | 2 | | | $ | (46) | | | $ | 41,179 | | | $ | 41,223 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortized Cost | | Gross Unrealized | | Fair Value | | Net Carrying Value | | | Gains | | Losses | | | | As of December 31, 2025 | (in thousands) | | Cash equivalents | | | | | | | | | | | Money market funds | $ | 8,729 | | | $ | — | | | $ | — | | | $ | 8,729 | | | $ | 8,729 | | | Total cash equivalents | $ | 8,729 | | | $ | — | | | $ | — | | | $ | 8,729 | | | $ | 8,729 | | | | | | | | | | | | | Marketable securities | | | | | | | | | | | U.S. treasury securities | $ | 9,461 | | | $ | 12 | | | $ | — | | | $ | 9,473 | | | $ | 9,461 | | | Corporate debt securities | 12,740 | | | 4 | | | — | | | 12,744 | | | 12,738 | | | Total marketable securities | $ | 22,201 | | | $ | 16 | | | $ | — | | | $ | 22,217 | | | $ | 22,199 | |
Scheduled Maturities The amortized cost and fair value of the Company’s held-to-maturity investments as of September 30, 2026, by contractual maturity, are shown below.
| | | | | | | | | | | | | Amortized Cost | | Fair Value | | As of September 30, 2026 | (in thousands) | | Within one year | $ | 85,858 | | | $ | 85,814 | | | After one year through five years | — | | | — | | | After 5 years through 10 years | — | | | — | | | After 10 years | — | | | — | | | Total investments | $ | 85,858 | | | $ | 85,814 | |
Aging of Unrealized Losses As of September 30, 2026, certain securities were in an immaterial unrealized loss position for less than twelve months. There were no securities in an unrealized loss position as of December 31, 2025.
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