Financial Instruments

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Financial Instruments

Financial Instruments

3. Financial Instruments

The following table shows the Company’s cash, cash equivalent and investments by significant investment category as of March 31, 2026:

	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	$	—

As of March 31, 2026, accrued interest earned of $55 related to investments were included in prepaid expenses and other current assets on the condensed consolidated balance sheets. There was no allowance for expected credit losses on available-for-sale debt securities included as of March 31, 2026 as the unrealized losses were deemed to be temporary in nature.

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

7. Financial Instruments

The following table shows the Company’s cash, cash equivalents and short-term investments by significant investment category as of December 31, 2025.

								Cash and Cash		Short-Term
	Amortized Cost			Unrealized Gains		Fair Value		Equivalents		Investments
Cash	$	—	$	—	$	—	$	3,266,974	$	—
Level 1:		—		—		—		—		—
Money market funds		—		—		—		93,897,417		—
U.S. Treasury securities		199,496,833		1,129,448		200,626,281		—		200,626,281
Total	$	199,496,833	$	1,129,448	$	200,626,281	$	97,164,391	$	200,626,281

As of December 31, 2024, the Company’s cash and cash equivalents were $3,021,795.