The amortized cost and fair value of cash equivalents and investments as of September 30, 2026 and December 31, 2025 were as follows (in thousands):


			Gross		Gross
	Amortized		Unrealized		Unrealized
As of September 30, 2026	Cost		Gains		Losses			Fair Value
U.S. treasury securities	$	318,574	$	29	$	(217	)	$	318,386
Money market funds		21,221		—		—			21,221
Total investments	$	339,795	$	29	$	(217	)	$	339,607


			Gross		Gross
	Amortized		Unrealized		Unrealized
As of December 31, 2025	Cost		Gains		Losses		Fair Value
U.S. treasury securities	$	133,839	$	63	$	—	$	133,902
Money market funds		60,468		—		—		60,468
Total investments	$	194,307	$	63	$	—	$	194,370

The fair value of cash equivalents and investments as of September 30, 2026 and December 31, 2025, are classified as follows in the Company’s condensed consolidated balance sheets (in thousands):


	September 30,		December 31,
Classified as:	2026		2025
Cash equivalents	$	21,221	$	60,468
Short-term investments		318,386		133,902
Total investments	$	339,607	$	194,370

Cash equivalents in the tables above exclude cash demand deposits of $36.7 million and $102.6 million as of September 30, 2026 and December 31, 2025, respectively. Unrealized gains and losses are included in accumulated other comprehensive income (loss), and as of September 30, 2026 and December 31, 2025, no unrealized losses on available-for-sale securities have resulted from credit risk. All available-for-sale securities held as of September 30, 2026 and December 31, 2025 had contractual maturities of less than one year. No available-for-sale securities held as of the periods presented have been in a continuous unrealized loss position for more than 12 months. To date, the Company has not recorded any impairment charges on its investments.

As of September 30, 2026 and December 31, 2025, the fair value of the Company’s financial assets that are measured at fair value on a recurring basis, which consist of cash equivalents and short-term and long-term investments classified as available-for-sale securities, are categorized in the table below based upon the lowest level of significant input to the valuations (in thousands):


	Assets at Fair Value as of September 30, 2026
	Level 1		Level 2		Level 3		Total
U.S. treasury securities	$	318,386	$	—	$	—	$	318,386
Money market funds		21,221		—		—		21,221
Total investments	$	339,607	$	—	$	—	$	339,607


	Assets at Fair Value as of December 31, 2025
	Level 1		Level 2		Level 3		Total
U.S. treasury securities	$	133,902	$	—	$	—	$	133,902
Money market funds		60,468		—		—		60,468
Total	$	194,370	$	—	$	—	$	194,370

NOTE 3. CASH EQUIVALENTS AND INVESTMENTS