Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Financial Instruments

Schedule of financial instruments

	As of March 31, 2026
										Cash and Cash		Short-Term		Long-Term
	Amortized Cost			Unrealized Gains		Unrealized Losses		Fair Value		Equivalents		Investments		Investments
Cash	$	—	$	—	$	—	$	—	$	4,252	$	—	$	—
Level 1:		—		—		—		—		—		—		—
Money market funds		—		—		—		—		72,694		—		—
U.S. Treasury securities		196,039		1,979		—		198,018		—		198,018		—
Level 2:		—		—		—		—		—		—		—
Government securities		14,910		—		(12)		14,898		—		—		14,898
Total	$	210,949	$	1,979	$	(12)	$	212,916	$	76,946	$	198,018	$	14,898

	As of December 31, 2025
										Cash and Cash		Short-Term		Long-Term
	Amortized Cost			Unrealized Gains		Unrealized Losses		Fair Value		Equivalents		Investments		Investments
Cash	$	—	$	—	$	—	$	—	$	3,267	$	—	$	—
Level 1:		—		—		—		—		—		—		—
Money market funds		—		—		—		—		93,897		—		—
U.S. Treasury securities		199,497		1,129		—		200,626		—		200,626		—
Level 2:		—		—		—		—		—		—		—
Government securities		—		—		—		—		—		—		—
Total	$	199,497	$	1,129	$	—	$	200,626	$	97,164	$	200,626	$	—

Schedule of investment by contractual maturity

The following table shows the fair value of the Company’s investments, by contractual maturity, as of March 31, 2026:

Due within 1 year	$	198,018
Due after 1 year through 5 years		14,898
Total fair value	$	212,916