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Available-for-sale Securities and Fair Value on Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2026
Fair Value Disclosures [Abstract] |
Summary of Available-for-Sale Securities | The following is a summary of available-for-sale securities at June 30, 2026 (in thousands):
|  | June 30, 2026 |
|  | Amortized Cost |  |  | Gross Unrealized Gain |  |  | Gross Unrealized Loss |  |  | Fair Value |
Money market funds |  | $ | 4,361 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,361 |
United States government agency securities |  |  | 17,589 |  |  |  | 1 |  |  |  | (70 | ) |  |  | 17,520 |
Corporate debt securities |  |  | 18,344 |  |  |  | 6 |  |  |  | (33 | ) |  |  | 18,317 |
Mortgage-backed securities |  |  | 2,667 |  |  |  | 3 |  |  |  | (223 | ) |  |  | 2,447 |
Total available-for-sale securities |  | $ | 42,961 |  |  | $ | 10 |  |  | $ | (326 | ) |  | $ | 42,645 |
The following is a summary of available-for-sale securities at December 31, 2025 (in thousands):
|  | December 31, 2025 |
|  | Amortized Cost |  |  | Gross Unrealized Gain |  |  | Gross Unrealized Loss |  |  | Fair Value |
Money market funds |  | $ | 1,810 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,810 |
United States government agency securities |  |  | 23,431 |  |  |  | 49 |  |  |  | (1 | ) |  |  | 23,479 |
Corporate debt securities |  |  | 36,768 |  |  |  | 55 |  |  |  | (1 | ) |  |  | 36,822 |
Mortgage-backed securities |  |  | 2,795 |  |  |  | 7 |  |  |  | (185 | ) |  |  | 2,617 |
Total available-for-sale securities |  | $ | 64,804 |  |  | $ | 111 |  |  | $ | (187 | ) |  | $ | 64,728 |
Available-for-Sale Debt Securities by Original Contractual Maturity | Available-for-sale securities at June 30, 2026 and December 31, 2025, consisted of the following by contractual maturity (in thousands):
|  | June 30, 2026 |  |  | December 31, 2025 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
One year or less |  | $ | 27,543 |  |  | $ | 27,538 |  |  | $ | 46,128 |  |  | $ | 46,209 |
Greater than one year and less than five years |  |  | 15,418 |  |  |  | 15,107 |  |  |  | 18,676 |  |  |  | 18,519 |
Total available-for-sale securities |  | $ | 42,961 |  |  | $ | 42,645 |  |  | $ | 64,804 |  |  | $ | 64,728 |
Available-for-Sale Marketable Securities in Unrealized Position | The following tables show all available-for-sale marketable securities in an unrealized loss position for which an allowance for credit losses has not been recognized and the related gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):
| June 30, 2026 |
| Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
| Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
Corporate debt securities | $ | 12,013 |  |  | $ | (33 | ) |  | $ | — |  |  | $ | — |  |  | $ | 12,013 |  |  | $ | (33 | )
United States government agency securities |  | 11,271 |  |  |  | (70 | ) |  |  | — |  |  |  | — |  |  |  | 11,271 |  |  |  | (70 | )
Mortgage-backed securities |  | 202 |  |  |  | (4 | ) |  |  | 2,078 |  |  |  | (219 | ) |  |  | 2,280 |  |  |  | (223 | )
Total | $ | 23,486 |  |  | $ | (107 | ) |  | $ | 2,078 |  |  | $ | (219 | ) |  | $ | 25,564 |  |  | $ | (326 | )
| December 31, 2025 |
| Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
| Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
Corporate debt securities | $ | 3,203 |  |  | $ | (1 | ) |  | $ | — |  |  | $ | — |  |  | $ | 3,203 |  |  | $ | (1 | )
United States government agency securities |  | — |  |  |  | — |  |  |  | 260 |  |  |  | (1 | ) |  |  | 260 |  |  |  | (1 | )
Mortgage-backed securities |  | 214 |  |  |  | (1 | ) |  |  | 2,219 |  |  |  | (184 | ) |  |  | 2,433 |  |  |  | (185 | )
Total | $ | 3,417 |  |  | $ | (2 | ) |  | $ | 2,479 |  |  | $ | (185 | ) |  | $ | 5,896 |  |  | $ | (187 | )
Fair Values of Financial Assets and Liabilities | The fair values of the Company’s financial assets and liabilities were determined using the following inputs at June 30, 2026 (in thousands):
|  | Balance sheet |  |  |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | classification |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Money market funds |  | Cash and cash equivalents |  | $ | 4,361 |  |  | $ | 4,361 |  |  | $ | — |  |  | $ | — |
United States government agency securities |  | Short-term investments |  |  | 17,520 |  |  |  | — |  |  |  | 17,520 |  |  |  | — |
Corporate debt securities |  | Short-term investments |  |  | 18,317 |  |  |  | — |  |  |  | 18,317 |  |  |  | — |
Mortgage-backed securities |  | Short-term investments |  |  | 2,447 |  |  |  | — |  |  |  | 2,447 |  |  |  | — |
Total short-term investments |  |  |  | $ | 42,645 |  |  | $ | 4,361 |  |  | $ | 38,284 |  |  | $ | — |
The fair values of the Company’s financial assets and liabilities were determined using the following inputs at December 31, 2025 (in thousands):
|  | Balance sheet |  |  |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | classification |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Money market funds |  | Cash and cash equivalents |  | $ | 1,810 |  |  | $ | 1,810 |  |  | $ | — |  |  | $ | — |
United States government agency securities |  | Short-term investments |  |  | 23,479 |  |  |  | — |  |  |  | 23,479 |  |  |  | — |
Corporate debt securities |  | Short-term investments |  |  | 36,822 |  |  |  | — |  |  |  | 36,822 |  |  |  | — |
Mortgage-backed securities |  | Short-term investments |  |  | 2,617 |  |  |  | — |  |  |  | 2,617 |  |  |  | — |
Total short-term investments |  |  |  | $ | 64,728 |  |  | $ | 1,810 |  |  | $ | 62,918 |  |  | $ | — |

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