Balance Sheet Components

3 Months Ended

Mar. 31, 2026

5. Balance Sheet Components

Investments

The fair value of the Company’s available-for-sale investments and restricted cash as of March 31, 2026 and December 31, 2025 are as follows (in thousands):


	March 31, 2026
		Amortized		Gross Unrealized				Estimated
	Cost		Gains		Losses			Fair Value
Assets
Money market funds, included in cash equivalents	$	1,348	$	—	$	—	$	1,348
Money market funds, included in restricted cash, non-current		4,702		—		—		4,702
U.S. government securities		81,500		—		(78)		81,422
U.S. treasury bills		19,864		1		—		19,865
Corporate bonds/notes		63,517		—		(153)		63,364
Agency bonds/notes		44,137		—		(108)		44,029
Asset-backed securities		21,638		—		(25)		21,613
Commercial paper		4,935		—		(1)		4,934
Total	$	241,641	$	1	$	(365)	$	241,277

Classified as:
Cash equivalents							$	1,348
Short-term investments								138,645
Long-term investments								96,582
Restricted cash								4,702
Total							$	241,277

	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 March 31, 2026 (in thousands):


	March 31, 2026		December 31, 2025
Amounts maturing within one year	$	139,993	$	159,816
Amounts maturing after one year through two years		96,582		103,365
Total	$	236,575	$	263,181

Available-for-sale investments held as of March 31, 2026 and December 31, 2025 had a weighted average days to maturity of 325 days and 346 days, respectively.

The following table presents the Company’s available-for-sale investments that were in an unrealized loss position as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026				December 31, 2025
	Less than 12 months				Less than 12 months
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Assets
U.S. government securities	$	566	$	(78)	$	—	$	—
Corporate bonds/notes		413		(153)		26,716		(12)
Agency bonds/notes		389		(108)		3,995		(3)
Asset-backed securities		47		(25)		—		—
Commercial paper		—		(1)		—		—
Total	$	1,415	$	(365)	$	30,711	$	(15)

As of March 31, 2026 and December 31, 2025, unrealized losses on the Company’s available-for-sale investments were primarily attributable to changes in interest rates and were not due to credit risk. The Company intends to hold these investments to maturity and no allowance for credit loss was recorded as of March 31, 2026 and December 31, 2025. There were no available-for-sale investments in an unrealized loss position greater than twelve months as of March 31, 2026 or December 31, 2025.

Allowance for Credit Losses

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



	March 31,		December 31,
	2026		2025
Balance at beginning of period	$	626	$	814
Additions		—		—
Write-offs		—		(188)
Balance at end of period	$	626	$	626

Prepaid Expenses and Other Current Assets

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




	March 31,		December 31,
	2026		2025
Prepaid expenses	$	8,313	$	5,964
Contract costs, current		8,202		6,669
Other		1,472		1,442
Total prepaid expenses and other current assets	$	17,987	$	14,075

Property and equipment, net

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



	March 31,		December 31,
	2026		2025
Property and equipment at cost:
Computer equipment and software	$	4,277	$	4,223
Furniture, fixtures and equipment		2,280		2,114
Capitalized internal-use software		13,624		12,529
Leasehold improvements		2,095		2,086
Construction in progress		1,481		140
Total property and equipment		23,757		21,092
Less: Accumulated depreciation and amortization		(13,928)		(12,505)
Property and equipment, net	$	9,829	$	8,587

The Company capitalized certain internal-use software costs totaling $1.1 million and $936,000, including stock-based compensation of $6,000 and $6,000, related to internal-use software development efforts, during the three months ended March 31, 2026 and 2025, respectively. Amortization of capitalized internal-use software totaled $1.1 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively.

Depreciation and amortization expense related to property and equipment, excluding capitalized internal-use software, was $359,000 and $370,000 for three months ended March 31, 2026 and 2025, respectively.

Other Non-Current Assets

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



	March 31,		December 31,
	2026		2025
Contract costs, net	$	5,071	$	4,260
Other		1,604		839
Total other non-current assets	$	6,675	$	5,099

Accrued Expenses and Other Current Liabilities

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



	March 31,		December 31,
	2026		2025
Accrued payroll and related expenses	$	19,762	$	28,150
Customer contract and rebate liabilities		1,583		1,162
Accrued royalty		1,049		864
Accrued professional fees		821		627
Accrued clinical trial expenses		1,118		550
Other		1,553		1,926
	$	25,886	$	33,279