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Short-Term Investments | 6 Months Ended
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Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract] |
Short-Term Investments | Short-Term Investments The following tables summarize the estimated value of the Company’s short-term investments as of June 30, 2026 and December 31, 2025:
| June 30, 2026
(in thousands) | Amortized Cost |  | Unrealized Gain |  | Unrealized Loss |  | Fair Value
Commercial paper | $ | 993 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 992 |
Corporate notes | 20,812 |  |  | 1 |  |  | (45) |  |  | 20,768 |
U.S. Treasury securities | 10,380 |  |  | 4 |  |  | (22) |  |  | 10,362 |
U.S. Government agency securities | 16,781 |  |  | — |  |  | (57) |  |  | 16,724 |
Total short-term investments | $ | 48,966 |  |  | $ | 5 |  |  | $ | (125) |  |  | $ | 48,846 |
| December 31, 2025
(in thousands) | Amortized Cost |  | Unrealized Gain |  | Unrealized Loss |  | Fair Value
Commercial paper | $ | 1,991 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1,992 |
Corporate notes | 23,753 |  |  | 51 |  |  | (5) |  |  | 23,799 |
U.S. Treasury securities | 22,039 |  |  | 52 |  |  | (1) |  |  | 22,090 |
U.S. Government agency securities | 24,264 |  |  | 17 |  |  | (5) |  |  | 24,276 |
Total short-term investments | $ | 72,047 |  |  | $ | 121 |  |  | $ | (11) |  |  | $ | 72,157 |
The Company recognized less than $0.1 million of realized gains related to sales of $9.0 million available-for-sale debt securities during the three and six months ended June 30, 2026. The Company recognized less than $0.1 million of realized gains related to sales of $1.0 million available-for-sale debt securities during the three and six months ended June 30, 2025. The Company evaluates securities for expected credit losses on a quarterly basis with consideration given to the financial condition and near-term prospects of the issuer, whether the Company intends to sell the securities, and whether it is more likely than not that the Company will be required to sell the securities before recovery of their amortized cost basis. As of June 30, 2026 no securities had been in a continuous unrealized loss position for more than 12 months. As of December 31, 2025, the Company had gross unrealized losses of less than $0.1 million, associated with an aggregate fair value of $2.1 million of short-term investments which have been in a continuous unrealized loss position for more than 12 months. The Company does not believe the unrealized losses represent other-than-temporary impairments based on its evaluation of available evidence. The Company did not recognize any credit losses related to available-for-sale debt securities during the three and six months ended June 30, 2026 and 2025. As of June 30, 2026, the Company does not intend to sell its investments and it is more likely than not that the Company will not be required to sell these before they mature. As of June 30, 2026, the fair value of short-term investments by remaining contractual maturity consisted of the following:
(in thousands) | Fair Value
Remaining maturity date one year or less | $ | 28,031 |
Remaining maturity date greater than one year | 20,815 |
Total short-term investments | $ | 48,846 |

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