v3.26.3
Marketable Securities (Tables)
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Summary of Company Marketable Securities

The following tables present a summary of the Company’s marketable securities, which consist solely of available-for-sale debt securities (in thousands):

 

 

 

Amortized Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair Value

 

September 30, 2026

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency securities

 

$

103,152

 

 

$

2

 

 

$

(100

)

 

$

103,054

 

Corporate bonds

 

 

52,214

 

 

 

1

 

 

 

(88

)

 

 

52,127

 

 

 

$

155,366

 

 

$

3

 

 

$

(188

)

 

$

155,181

 

 

 

 

Amortized Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair Value

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency securities

 

$

83,085

 

 

$

59

 

 

$

—

 

 

$

83,144

 

Corporate bonds

 

 

123,131

 

 

 

131

 

 

 

(17

)

 

 

123,245

 

 

 

$

206,216

 

 

$

190

 

 

$

(17

)

 

$

206,389

 
Unrealized gain (loss) on available-for-sale securities, net, presented in the statements of operations and comprehensive income (loss) Unrealized gain (loss) on available-for-sale securities, net, presented in the statements of operations and comprehensive loss consisted of the following (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Unrealized gain (loss) before reclassifications

 

$

(170

)

 

$

98

 

 

$

(342

)

 

$

89

 

Realized gains reclassified to investment income

 

 

—

 

 

 

—

 

 

 

(16

)

 

 

—

 

Unrealized gain (loss) on available-for-sale securities, net

 

$

(170

)

 

$

98

 

 

$

(358

)

 

$

89

 
Summary of Fair Values and Unrealized Losses of Marketable Securities Held by the Company in an Unrealized Loss Position for Less Than 12 months and 12 Months or Greater

The following tables present the fair values and unrealized losses of available-for-sale debt securities held by the Company in an unrealized loss position for less than 12 months and 12 months or greater (in thousands):

 

 

 

Less than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Fair Value

 

 

Unrealized
Losses

 

September 30, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency securities

 

$

78,407

 

 

$

(100

)

 

$

—

 

 

$

—

 

 

$

78,407

 

 

$

(100

)

Corporate bonds

 

 

47,133

 

 

 

(88

)

 

 

—

 

 

 

—

 

 

 

47,133

 

 

 

(88

)

 

 

$

125,540

 

 

$

(188

)

 

$

—

 

 

$

—

 

 

$

125,540

 

 

$

(188

)

 

 

 

Less than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Fair Value

 

 

Unrealized
Losses

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency securities

 

$

4,676

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

4,676

 

 

$

—

 

Corporate bonds

 

 

32,289

 

 

 

(17

)

 

 

—

 

 

 

—

 

 

 

32,289

 

 

 

(17

)

 

 

$

36,965

 

 

$

(17

)

 

$

—

 

 

$

—

 

 

$

36,965

 

 

$

(17

)