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Cash, Cash Equivalents and Short-Term Investments
 12 Months Ended
Dec. 31, 2025
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Short-Term Investments CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
The following table summarizes our cash, cash equivalents and short-term investments:
December 31, 2025December 31, 2024
Gross UnrealizedGross Unrealized
(in thousands)Amortized CostGainsLossesFair ValueAmortized CostGainsLossesFair Value
Cash and cash equivalents
Cash$18,569 $— $— $18,569 $16,282 $— $— $16,282 
Money market funds49,430 — — 49,430 48,650 — — 48,650 
Total cash and cash equivalents67,999 — — 67,999 64,932 — — 64,932 
Short-term investments
U.S. treasury securities$95,052 $105 $— $95,157 $79,720 $58 $(5)$79,773 
Commercial paper46,421 32 (3)46,450 37,061 19 (15)37,065 
U.S. government-sponsored agency bonds27,330 36 — 27,366 45,960 29 (27)45,962 
Corporate bonds22,557 25 — 22,582 17,415 4 (6)17,413 
Yankee bonds5,132 3 — 5,135 1,972 — (2)1,970 
Asset-backed securities— — — — 2,983 2 — 2,985 
Total short-term investments196,492 201 (3)196,690 185,111 112 (55)185,168 
Total cash, cash equivalents and investments$264,491 $201 $(3)$264,689 $250,043 $112 $(55)$250,100 
Realized gains or losses have not been significant and are included in other income, net on our statements of operations and comprehensive loss.
Unrealized losses in 2025 and 2024 were not material. All of the short-term available-for-sale securities held as of December 31, 2025 and 2024 had contractual maturities of less than one year. We determined that none of our available-for-sale securities were other-than-temporarily impaired as of December 31, 2025 and 2024, and no investment was in a continuous unrealized loss position for more than one year. Therefore, we believe that it is more likely than not that the investments will be held until maturity or a forecasted recovery of fair value.
Based on our procedures under the expected credit loss model, including an assessment of unrealized losses in our portfolio, we concluded that any unrealized losses on our marketable securities were not attributable to credit and, therefore, we have not recorded an allowance for credit losses as of December 31, 2025 and 2024.