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Investments in Marketable Securities | 3 Months Ended
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Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract] |
Investments in Marketable Securities | 3. Investments in Marketable Securities All of the Company’s debt securities are classified as available-for-sale. The Company’s cash equivalents and investments as of March 31, 2026 and December 31, 2025 consisted of the following:
|  |  |  | March 31, 2026
(In thousands) |  | Fair Value Level |  | Amortized cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  |  | Cash Equivalents |  | Short-term investments |  |
Money market funds |  | 1 |  | $ | 1,648 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,648 |  |  |  | $ | 1,648 |  |  | $ | — |  |  |
Commercial paper |  | 2 |  | 18,157 |  |  | — |  |  | (9) |  |  | 18,148 |  |  |  | 4,993 |  |  | 13,155 |  |  |
Total cash equivalents and investments |  |  |  | $ | 19,805 |  |  | $ | — |  |  | $ | (9) |  |  | $ | 19,796 |  |  |  | $ | 6,641 |  |  | $ | 13,155 |  |  |
|  |  |  | December 31, 2025
(In thousands) |  | Fair Value Level |  | Amortized cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  |  | Cash Equivalents |  | Short-term investments |  |
Money market funds |  | 1 |  | $ | 18,602 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,602 |  |  |  | $ | 18,602 |  |  | $ | — |  |  |
Commercial paper |  | 2 |  | 23,397 |  |  | 1 |  |  | (1) |  |  | 23,397 |  |  |  | 16,425 |  |  | 6,972 |  |  |
U.S. Corporate bonds |  | 2 |  | 3,503 |  |  | 1 |  |  | — |  |  | 3,504 |  |  |  | — |  |  | 3,504 |  |  |
Total cash equivalents and investments |  |  |  | $ | 45,502 |  |  | $ | 2 |  |  | $ | (1) |  |  | $ | 45,503 |  |  |  | $ | 35,027 |  |  | $ | 10,476 |  |  |
Proceeds from the sales of securities were zero and $22.5 million for the three months ended March 31, 2026 and 2025, respectively. Additionally, the Company received proceeds from the maturity of securities of $10.5 million and $51.7 million during the same periods. Proceeds during the three months ended March 31, 2025 included gross realized gains of $0.1 million, whi ch were reclassified from other comprehensive loss into other (expense) income and interest income, net, in the Company’s condensed consolidated statements of operations. The gross realized gains and losses were determined using the specific identification method. As of March 31, 2026, all of the Company’s available-for-sale securities with a fair value of $19.8 million mature within one year. As of March 31, 2026 and December 31, 2025, the Company’s investments have been in an immaterial gross unrealized loss position for less than 12 months. As such, no allowance for credit losses was recorded for these securities as of March 31, 2026 and December 31, 2025.

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