Annual report [Section 13 and 15(d), not S-K Item 405]

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

v3.25.4
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
 12 Months Ended
Dec. 31, 2025
Cash, Cash Equivalents, and Short-Term Investments [Abstract]  
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
Cash, cash equivalents and short-term investments consisted of the following (in thousands):
As of December 31,
2025 2024
Cash $ 20,020  $ 20,135 
Restricted cash 57  — 
Money market funds 14,509  16,386 
US treasury bills 63,994  7,263 
Government-sponsored enterprise securities 20,692  23,177 
Corporate bonds and commercial paper 35,740  10,360 
$ 155,012  $ 77,321 
Reported as:
Cash and cash equivalents $ 40,580  $ 56,746 
Short-term investments 114,375  20,575 
Restricted cash reported within other assets 57  — 
$ 155,012  $ 77,321 
Cash equivalents and short-term investments include the following securities with gross unrealized gains and losses (in thousands):
As of December 31, 2025 Amortized
Cost		 Gross
Unrealized
Gains		 Gross
Unrealized
Losses		 Fair Value
US treasury bills $ 63,868  $ 126  $ —  $ 63,994 
Government-sponsored enterprise securities 20,663  30  (1) 20,692 
Corporate bonds and commercial paper 35,714  28  (2) 35,740 
Total $ 120,245  $ 184  $ (3) $ 120,426 
As of December 31, 2024 Amortized
Cost		 Gross
Unrealized
Gains		 Gross
Unrealized
Losses		 Fair Value
US treasury bills $ 7,260  $ 3  $ —  $ 7,263 
Government-sponsored enterprise securities 23,174  3  —  23,177 
Corporate bonds and commercial paper 10,356  4  —  10,360 
Total $ 40,790  $ 10  $ —  $ 40,800 
As of December 31, 2025 and 2024, our cash equivalents and short-term investments had a weighted-average time to maturity of approximately 303 days and 69 days, respectively. Our short-term investments are classified as available-for-sale securities. Accordingly, we have classified certain securities as short-term investments on our balance sheets as they are available for use in the current operations. As of December 31, 2025, a total of 9 individual securities have been in an unrealized loss position for 12 months or less, and the losses were determined to be temporary. We regularly review the securities in an unrealized loss position and evaluate the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, and current economic conditions. We have not recognized any credit losses on these securities as of December 31, 2025 and 2024.
The following table shows the fair value and gross unrealized losses of our investments in individual securities that are in an unrealized loss position, aggregated by investment category (in thousands):
As of December 31, 2025 Fair Value Gross Unrealized Losses
Government-sponsored enterprise securities $ 2,475  $ (1)
Corporate bonds and commercial paper 5,489  (2)
Total $ 7,964  $ (3)