The Company invests portions of excess cash in United States treasuries, commercial paper, non-U.S. government securities, municipal securities, and corporate debt securities with maturities ranging from three to thirty-six months from the purchase date. These investments are accounted for as available-for-sale securities and are classified as short-term and long-term investments in the accompanying consolidated balance sheets based on each security’s contractual maturity date. There were no significant realized losses on available-for-sale securities during the three and nine months ended September 30, 2026. As of September 30, 2026, the unrealized losses are related to market interest rate changes and are not attributed to changes in credit. There are no securities which have been in an unrealized loss position for more than twelve months. As of September 30, 2026, the Company did not intend to sell the investments in an unrealized loss position and it was unlikely that the Company will be required to sell the investments before the recovery of their amortized cost basis.

The following table summarizes the Company’s investments accounted for as available-for-sale securities as of September 30, 2026 and December 31, 2025 (in thousands, except for maturity in years):


	Maturity (in years)	Amortized Cost		Unrealized Losses			Unrealized Gains		Estimated Fair Value
September 30, 2026
Classified as current assets:
Money market fund	1 or less	$	19,353	$	—		$	—	$	19,353
U.S. Treasury debt securities	1 or less		27,351		(31	)		—		27,320
Non-US government securities	1 or less		3,893		(4	)		—		3,889
Corporate debt securities	1 or less		30,962		(48	)		—		30,914
Commercial paper	1 or less		55,534		(72	)		—		55,462
Total		$	137,093	$	(155	)	$	—	$	136,938

December 31, 2025
Classified as current assets:
Money market fund	1 or less	$	31,693	$	—		$	—	$	31,693
U.S. Treasury debt securities	1 or less		33,740		—			39		33,779
Non-US government securities	1 or less		3,245		—			2		3,247
Corporate debt securities	1 or less		86,167		(15	)		86		86,238
Commercial paper	1 or less		41,941		(10	)		10		41,941
Total		$	196,786	$	(25	)	$	137	$	196,898
Classified as non-current assets:
Corporate debt securities	Greater than 1	$	1,468	$	—		$	4	$	1,472
Total long-term investments		$	1,468	$	—		$	4	$	1,472

As of September 30, 2026 and December 31, 2025, the Company had $41.7 million and $39.9 million, respectively, of money market funds classified as cash and cash equivalents on the balance sheets.

As of September 30, 2026 and December 31, 2025, the Company had $0.4 million and $0.7 million, respectively, of accrued interest on investments recorded in prepaid expenses and other assets on the unaudited condensed consolidated balance sheets.