Balance Sheet Components

12 Months Ended

Dec. 31, 2025

5. Balance Sheet Components

Investments

The fair value of the Company’s available-for-sale investments and restricted cash as of December 31, 2025 are as follows (in thousands):


	December 31, 2025
		Amortized		Gross Unrealized				Estimated
	Cost		Gains		Losses			Fair Value
Assets
Money market funds, included in cash equivalents	$	27,806	$	—	$	—	$	27,806
Money market funds, included in restricted cash, non-current		4,709		—		—		4,709
U.S. government securities		81,385		94		—		81,479
U.S. treasury bills		39,568		25		—		39,593
Corporate bonds/notes		57,564		19		(12)		57,571
Agency bonds/notes		25,147		7		(3)		25,151
Asset-backed securities		21,689		22		—		21,711
Commercial paper		9,868		2		—		9,870
Total	$	267,736	$	169	$	(15)	$	267,890

Classified as:
Cash equivalents							$	27,806
Short-term investments								132,010
Long-term investments								103,365
Restricted cash								4,709
Total							$	267,890

The following table summarizes the fair value of the Company’s cash equivalents, and available-for-sale investments classified by maturity as of December 31, 2025 (in thousands):


	December 31, 2025
Amounts maturing within one year	$	159,816
Amounts maturing after one year through two years		103,365
Total	$	263,181

Available-for-sale investments held as of December 31, 2025 had a weighted average days to maturity of 346 days.

The following table presents the Company’s available-for-sale investments that were in an unrealized loss position as of December 31, 2025 (in thousands):


	December 31, 2025
	Less than 12 months
	Fair Value		Unrealized Loss
Assets
Corporate bonds/notes	$	26,716	$	(12)
Agency bonds/notes		3,995		(3)
Total	$	30,711	$	(15)

There were no available-for-sale investments in an unrealized loss position greater than twelve months as of December 31, 2025.

‎

Allowance for Credit Losses

The following table presents a reconciliation of the allowance for credit losses (in thousands):


	Year Ended December 31,
	2025		2024
Balance at beginning of period	$	814	$	1,058
Additions		—		—
Write-offs		(188)		(244)
Balance at end of period	$	626	$	814

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets are comprised of the following (in thousands):


	December 31,
	2025		2024
Prepaid expenses	$	5,964	$	3,017
Contract costs, current		6,669		2,453
Other		1,442		662
Total prepaid expenses and other current assets	$	14,075	$	6,132

Property and equipment, net

Property and equipment consisted of the following (in thousands):


	December 31,
	2025		2024
Property and equipment at cost:
Computer equipment and software	$	4,223	$	4,489
Furniture, fixtures and equipment		2,114		1,233
Capitalized internal-use software		12,529		52,606
Leasehold improvements		2,086		2,057
Construction in progress		140		27
Total property and equipment		21,092		60,412
Less: Accumulated depreciation and amortization		(12,505)		(51,492)
Property and equipment, net	$	8,587	$	8,920

The Company capitalized certain internal-use software costs totaling $3.9 million, $4.1 million and $4.6 million, including stock-based compensation of $27,000, $393,000 and $408,000 related to internal-use software development efforts, during the years ended December 31, 2025, 2024 and 2023, respectively. Amortization of capitalized internal-use software totaled $4.0 million, $3.7 million and $3.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Depreciation and amortization expense related to property and equipment, excluding capitalized internal-use software, was $1.5 million, $1.7 million and $1.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Other Non-Current Assets

Other non-current assets are comprised of the following (in thousands):


	December 31,
	2025		2024
Contract costs, net	$	4,260	$	3,701
Deferred offering costs		—		413
Other		839		252
Total other non-current assets	$	5,099	$	4,366

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities are comprised of the following (in thousands):


	December 31,
	2025		2024
Accrued payroll and related expenses	$	28,150	$	18,206
Accrued professional fees		1,162		1,672
Accrued clinical trial expenses		864		1,215
Customer contract and rebate liabilities		627		1,041
Accrued royalty		550		736
Other		1,926		2,449
	$	33,279	$	25,319