Investments

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

4. Investments

The following is a summary of the Company’s investment portfolio (in thousands):

	As of September 30, 2025
	Amortized Cost		Unrealized gains		Unrealized losses			Fair value
Investments:
Current marketable securities:
U.S treasury securities	$	54,678	$	12	$	(13	)	$	54,677
U.S. government-sponsored agency securities		7,396		3		—			7,399
Commercial paper		5,878		1		(1	)		5,878
Corporate debt securities		80,813		42		(10	)		80,845
Total	$	148,765	$	58	$	(24	)	$	148,799

As of September 30, 2025, all of the Company’s investments are available to the Company for use in current operations. As a result, the Company has classified all of these securities as current assets even though the stated

maturity of some individual securities may be one year or more beyond the balance sheet date. The following table shows the fair value of the Company’s investments, by contractual maturity, as of September 30, 2025 (in thousands):

	Due within one year		Due after one year through five years		Total
Contractual Maturities:
U.S. treasury securities	$	34,554	$	20,123	$	54,677
U.S. government-sponsored agency securities		7,399		—		7,399
Commercial paper		5,878		—		5,878
Corporate debt securities		42,534		38,311		80,845
Total					$	148,799