The Company classifies as cash equivalents its investments in U.S. government money market funds and in U.S. Treasury and corporate debt securities with original maturities of three months or less at the date of purchase. Short-term investments consist of U.S. government securities, corporate bonds and commercial paper with original maturities of more than three months, all of which are classified as available-for-sale. Certificates of deposit held as collateral are classified as restricted cash. The following table summarizes these balances (in thousands):


	As of September 30, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
Cash equivalents
Money market funds	$	207,759	$	—	$	—		$	207,759
U.S. government securities		5,090		—		(1	)		5,089
Corporate bonds		917		—		(1	)		916
Total cash equivalents		213,766		—		(2	)		213,765
Short-term investments
U.S. government securities		132,312		—		(404	)		131,908
Corporate bonds		51,647		1		(131	)		51,517
Commercial paper		5,269		—		(9	)		5,260
Total short-term investments		189,228		1		(544	)		188,685
Restricted cash
Certificate of deposit		788		—		—			788
Total restricted cash		788		—		—			788
Total cash equivalents, short-term investments and restricted cash	$	403,782	$	1	$	(546	)	$	403,238


	As of December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Cash equivalents
Money market funds	$	249,393	$	—	$	—	$	249,393
Total cash equivalents		249,393		—		—		249,393
Short-term investments
U.S. government securities		44,872		168		—		45,040
Total short-term investments		44,872		168		—		45,040
Restricted cash
Certificate of deposit		770		—		—		770
Total restricted cash		770		—		—		770
Total cash equivalents, short-term investments and restricted cash	$	295,035	$	168	$	—	$	295,203

As of September 30, 2026, all of the Company's available-for-sale debt securities, including those classified as cash equivalents, in an unrealized loss position had been in a continuous unrealized loss position for less than 12 months, and no allowance for credit losses has been recorded. As of December 31, 2025, none of the Company's short-term investments were in an unrealized loss position.

For the three and nine months ended September 30, 2026, the net unrealized holding loss on short-term investments included in accumulated other comprehensive income was $0.7 million for both periods, and less than $0.1 million of gains were reclassified out of accumulated other comprehensive income into earnings upon the sale of short-term investments during the periods. For the three and nine months ended September 30, 2025, the net unrealized holding loss on short-term investments included in accumulated other comprehensive income was $0.1 million and $0.2 million, respectively, and gains of zero and $0.1 million, respectively, were reclassified out of accumulated other comprehensive income into earnings upon the sale of short-term investments.

The following table presents the fair value and gross unrealized losses of available-for-sale debt securities, including those classified as cash equivalents, that were in an unrealized loss position for which an allowance for credit losses has not been recorded (in thousands):


	As of September 30, 2026
	Fair Value		Unrealized Losses
U.S. government securities	$	136,997	$	(405	)
Corporate bonds		47,637		(132	)
Commercial paper		5,260		(9	)
Total	$	189,894	$	(546	)

As of September 30, 2026, the unrealized losses on available-for-sale debt securities, including those classified as cash equivalents, of $0.5 million are primarily due to changes in market interest rates since purchase rather than credit deterioration. No allowance for credit losses has been recorded as these investments are high credit quality, investment grade securities that the Company does not intend to sell, and it is not more likely than not that the Company will be required to sell, prior to recovery of their amortized cost basis.