Investments in marketable securities

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Investments in cash equivalents and marketable securities consisted of the following:


	Amortized Cost		Gross Unrealized Gain(1)		Gross Unrealized Loss(1)		Fair Value
As of March 31, 2026	(in thousands)
Cash equivalents
Money market funds	$	14,487	$	—	$	—	$	14,487

Total	$	14,487	$	—	$	—	$	14,487
Investments in marketable short-term securities


US treasury bills	33,551		5		(11)		33,545

US government bonds	37,979		8		(12)		37,975
Total	$	71,530	$	13	$	(23)	$	71,520

(1) Gross unrealized gain (loss) is pre-tax and is reported in accumulated other comprehensive income (loss).


	Amortized Cost		Gross Unrealized Gain(1)		Gross Unrealized Loss(1)		Fair Value
As of December 31, 2025	(in thousands)
Cash equivalents
Money market funds	$	10,218	$	—	$	—	$	10,218
Total	$	10,218	$	—	$	—	$	10,218
Investments in marketable short-term securities


US treasury bills	37,411		41		—		37,452
US government bonds	$	35,965	$	46	$	—	$	36,011
Total	$	73,376	$	87	$	—	$	73,463

(1) Gross unrealized gain (loss) is pre-tax and is reported in accumulated other comprehensive income (loss).

The contractual term to maturity of the $71.5 million of short-term marketable securities held by the Company as of March 31, 2026 is less than one year. As of March 31, 2026, the Company held no long-term marketable securities. As of December 31, 2025, the Company’s $73.5 million of short-term marketable securities had contractual maturities of less than one year, while the Company held no long-term marketable securities.

At March 31, 2026, the Company had 22 available-for-sale investment debt securities in an unrealized loss position without an allowance for credit losses. As of December 31, 2025, there were no available-for-sale investment debt securities in an unrealized loss position without an allowance for credit losses. Unrealized losses on the Company’s investments in debt securities have not been recognized into income as the issuers’ securities are of high credit quality and the decline in fair value is largely due to market conditions and/or changes in interest rates. The Company does not intend to sell and it is more likely than not that the Company will not be required to sell the securities prior to the anticipated recovery of their amortized cost basis. The issuers continue to make timely interest payments on the securities. The fair value is expected to recover as the securities approach maturity.

Accrued interest receivable on investments in marketable securities of $0.4 million and $0.3 million at March 31, 2026 and December 31, 2025, respectively, is included in prepaid expenses and other current assets.

The Company had no realized gains during either of the three months ended March 31, 2026 or 2025.

See Note 3 for additional information regarding the fair value of the Company’s investments in marketable securities.