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MARKETABLE SECURITIES
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE SECURITIES MARKETABLE SECURITIES
The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of our marketable securities by type of security as of December 31, 2025 and 2024 was as follows:

DECEMBER 31, 2025
(in thousands)Fair Value Hierarchy LevelAmortized CostGross Unrealized Holding GainsGross Unrealized Holding LossesFair Value
Cash and cash equivalentsLevel 1$6,695 $— $— $6,695 
U.S. treasury securitiesLevel 119,212 17 — 19,229 
U.S. government agency securitiesLevel 24,630 1 — 4,631 
$30,537 $18 $— $30,555 
DECEMBER 31, 2024
(in thousands)Fair Value Hierarchy LevelAmortized CostGross Unrealized Holding GainsGross Unrealized Holding Losses Fair Value
Money market fundsLevel 1$8,705 $— $— $8,705 
U.S. treasury securitiesLevel 134,316 54 (15)34,355 
U.S. government agency securitiesLevel 217,224 32 (3)17,253 
$60,245 $86 $(18)$60,313 
The fair values of marketable securities by classification on the consolidated balance sheets as of December 31, 2025 and 2024 was as follows:
(in thousands)DECEMBER 31, 2025DECEMBER 31, 2024
Cash and cash equivalents$7,193 $8,705 
Marketable securities23,362 51,608 
$30,555 $60,313 
The fair values of available-for-sale debt securities as of December 31, 2025 and 2024, by contractual maturity, are summarized as follows:
(in thousands)DECEMBER 31, 2025DECEMBER 31, 2024
Due in one year or less$30,555 $51,357 
Due after one year through two years— 8,956 
$30,555 $60,313 
The aggregate fair value of available-for-sale debt securities in an unrealized loss position as of December 31, 2025 and 2024 was $0.7 million and $10.4 million, respectively. As of December 31, 2025 and 2024, we did not have any investments in a continuous unrealized loss position for more than twelve months. As of December 31, 2025, the Company believes that the cost basis of our available-for-sale debt securities is recoverable. No allowance for credit losses was recorded as of December 31, 2025 and 2024.