Investments

12 Months Ended

Dec. 31, 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 December 31, 2025
	Amortized Cost		Unrealized gains		Unrealized losses			Fair value
Investments:
Current marketable securities:
U.S treasury securities	$	54,881	$	46	$	—		$	54,927
U.S. government-sponsored agency securities		61,310		25		(20	)		61,315
Commercial paper		8,904		3		—			8,907
Corporate debt securities		122,468		104		(1	)		122,571
Total	$	247,563	$	178	$	(21	)	$	247,720

As of December 31, 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 December 31, 2025 (in thousands):

	As of December 31, 2025
	Due within one year		Due after one year through five years		Total
Contractual Maturities:
U.S. treasury securities	$	49,893	$	5,034	$	54,927
U.S. government-sponsored agency securities		10,045		51,270		61,315
Commercial paper		8,907		—		8,907
Corporate debt securities		60,659		61,912		122,571
Total	$	129,504	$	118,216	$	247,720

Accrued interest receivable on available-for-sale debt securities totaled $1.7 million as of December 31, 2025 and none as of December 31, 2024, and is excluded from the estimate of credit losses. This is included within prepaid expenses and other current assets on the Consolidated Balance Sheet as of December 31, 2025.