Quarterly report [Sections 13 or 15(d)]

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

v3.26.3
Cash, Cash Equivalents, Restricted Cash, and Short-Term Investments
 9 Months Ended
Sep. 30, 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):
September 30, 2026 December 31, 2025
Cash $ 13,377  $ 20,020 
Restricted cash 57  57 
Money market funds 12,787  14,509 
US treasury bills 32,760  63,994 
Government-sponsored enterprise securities 22,826  20,692 
Corporate bonds and commercial paper 17,555  35,740 
$ 99,362  $ 155,012 
Reported as:
Cash and cash equivalents $ 46,646  $ 40,580 
Short-term investments 52,659  114,375 
Restricted cash reported within other assets 57  57 
$ 99,362  $ 155,012 
Cash equivalents and short-term investments include the following securities with gross unrealized gains and losses (in thousands):
At September 30, 2026 Amortized
Cost		 Gross
Unrealized
Gains		 Gross
Unrealized
Losses		 Fair Value
US treasury bills $ 32,957  $ —  $ (197) $ 32,760 
Government-sponsored enterprise securities 22,913  1  (88) 22,826 
Corporate bonds and commercial paper 17,579  —  (24) 17,555 
Total $ 73,449  $ 1  $ (309) $ 73,141 
At 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 debt 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 $0.4 million and $0.9 million at September 30, 2026 and December 31, 2025, respectively. At September 30, 2026 and December 31, 2025, our cash equivalents and short-term investments had a weighted-average time to maturity of approximately 246 days and 303 days, respectively. At September 30, 2026, available-for-sale debt securities classified as cash equivalents and short-term investments with a fair value of $51.7 million and $21.4 million had contractual maturities within one year and after one year through two years, respectively.
At September 30, 2026, a total of 68 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 at September 30, 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):
At September 30, 2026 Fair Value Gross Unrealized Losses
US treasury bills $ 31,768  $ (197)
Government-sponsored enterprise securities 17,711  (88)
Corporate bonds and commercial paper 17,555  (24)
Total $ 67,034  $ (309)