Quarterly report [Sections 13 or 15(d)]

Cash, Cash Equivalents, Restricted Cash, and Short-Term Investments

v3.26.1
Cash, Cash Equivalents, Restricted Cash, and Short-Term Investments
 3 Months Ended
Mar. 31, 2026
Cash, Cash Equivalents, and Short-Term Investments [Abstract]  
Cash, Cash Equivalents, Restricted Cash, and Short-Term Investments Cash, Cash Equivalents, Restricted Cash, and Short-Term Investments
Cash, cash equivalents, restricted cash, and short-term investments for the periods presented consist of the following (in thousands):
As of
March 31, 2026 December 31, 2025
Cash $ 10,719  $ 20,020 
Restricted cash 57  57 
Money market funds 12,593  14,509 
US treasury bills 76,474  63,994 
Government-sponsored enterprise securities 23,113  20,692 
Corporate bonds and commercial paper 23,785  35,740 
$ 146,741  $ 155,012 
Reported as:
Cash and cash equivalents $ 24,411  $ 40,580 
Short-term investments 122,273  114,375 
Restricted cash reported within other assets 57  57 
$ 146,741  $ 155,012 
Cash equivalents and short-term investments include the following securities with gross unrealized gains and losses (in thousands):
As of March 31, 2026 Amortized
Cost		 Gross
Unrealized
Gains		 Gross
Unrealized
Losses		 Fair Value
US treasury bills $ 76,554  $ 30  $ (110) $ 76,474 
Government-sponsored enterprise securities 23,147  8  (42) 23,113 
Corporate bonds and commercial paper 23,799  4  (18) 23,785 
Total $ 123,500  $ 42  $ (170) $ 123,372 
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 
Our short-term investments are classified as available-for-sale securities. Accordingly, we have classified these securities as short-term investments on our condensed balance sheets as they are available for use in the current operations. Accrued interest receivable, included within prepaid and other assets, was $1.0 million and $0.9 million of March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026 and December 31, 2025, our cash equivalents and short-term investments had a weighted-average time to maturity of approximately 317 days and 303 days, respectively.
As of March 31, 2026, a total of 67 individual securities had 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 as of March 31, 2026 and December 31, 2025.
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 March 31, 2026 Fair Value Gross Unrealized Losses
US treasury bills $ 11,023  $ (37)
Government-sponsored enterprise securities 11,645  (40)
Corporate bonds and commercial paper 72,607  (93)
Total $ 95,275  $ (170)