The Company’s cash and cash equivalents as of September 30, 2026 and December 31, 2025, were as follows (in thousands):


	September 30,		December 31,
	2026		2025
Cash and cash equivalents:
Cash	$	1,050	$	1,816
Money market funds		2,936		2,128
Total cash and cash equivalents	$	3,986	$	3,944

The Company has classified its marketable securities as available-for-sale. The Company’s marketable securities by major security type as of September 30, 2026 and December 31, 2025, were as follows (in thousands):


	September 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Current marketable securities:
Corporate debt securities		31,619		1		(44	)		31,576
U.S. federal agency securities		2,987		—		(13	)		2,974
Municipal debt securities		5,578		—		(25	)		5,553
Total current marketable securities		40,184		1		(82	)		40,103
Long-term marketable securities:
Corporate debt securities		28,928		3		(190	)		28,741
Total long-term marketable securities		28,928		3		(190	)		28,741
Total marketable securities	$	69,112	$	4	$	(272	)	$	68,844


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Current marketable securities:
Commercial paper	$	975	$	—	$	—		$	975
Corporate debt securities		31,128		83		—			31,211
Municipal debt securities		3,070		1		—			3,071
Total current marketable securities		35,173		84		—			35,257
Long-term marketable securities:
Corporate debt securities		44,926		160		(8	)		45,078
Municipal debt securities		5,607		24		—			5,631
U.S. federal agency securities		5,868		2		—			5,870
Total long-term marketable securities		56,401		186		(8	)		56,579
Total marketable securities	$	91,574	$	270	$	(8	)	$	91,836

The following tables summarize the Company’s available-for-sale debt securities with unrealized losses as of September 30, 2026 and December 31, 2025, aggregated by major security type and the length of time that individual securities have been in a continuous loss position (in thousands):


	September 30, 2026
	Less than 12 months					12 months or greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Corporate debt securities	$	46,101	$	(234	)	$	—	$	—		$	46,101	$	(234	)
U.S. federal agency securities		—		—			2,974		(13	)		2,974		(13	)
Municipal debt securities		5,553		(25	)		—		—			5,553		(25	)
Total	$	51,654	$	(259	)	$	2,974	$	(13	)	$	54,628	$	(272	)


	December 31, 2025
	Less than 12 months					12 months or greater				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	13,362	$	(8	)	$	—	$	—	$	13,362	$	(8	)
Total	$	13,362	$	(8	)	$	—	$	—	$	13,362	$	(8	)

As of September 30, 2026 and December 31, 2025, the Company had not recorded any allowance for credit losses related to its available-for-sale securities. The Company attributes the declines in the fair value of its available-for-sale securities to normal market and interest rate fluctuations. The declines in fair value are not attributed to declines in credit quality. The Company does not intend to sell investments while they are in an unrealized loss position and does not believe that it is more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity. All of the Company’s investments mature in less than three years.

During the nine months ended September 30, 2026, no available-for-sale securities were sold prior to maturity. During the nine months ended September 30, 2025, the Company received approximately $2.5 million in proceeds from the sale of an available-for-sale security prior to maturity. There was an immaterial amount of gain realized on the sale.