Note 3 – Cash Equivalents and Investments

As of September 30, 2026, the Company had money market accounts and available-for-sale investments with contractual maturities of three months or less categorized as cash equivalents as follows:

As of September 30, 2026, there were no available-for-sale securities in an unrealized-loss position.

As of  December 31, 2025, the Company had money market accounts and available-for-sale investments with contractual maturities of three months or less categorized as cash equivalents as follows:

As of December 31, 2025, there were no available-for-sale securities in an unrealized-loss position.

As of September 30, 2026, and December 31, 2025, the Company had held-to-maturity investments with contractual maturities of over three months to one year. These investments are reported as held-to-maturity because the Company has both the positive intent and ability to hold these investments to maturity; they are stated at amortized cost, adjusted for the amortization of any related premiums or the accretion of any related discounts into interest income. 

The held-to-maturity investments are reported in the condensed consolidated balance sheet as of  September 30, 2026, and consist of the following: 

As of  September 30, 2026, gross unrealized gains and unrealized losses for held-to-maturity securities were $29 and $59,230, respectively. The Company has determined that these gross unrealized losses of $59,230 are primarily attributable to fluctuations in market interest rates rather than credit-related factors. The Company’s commercial paper and U.S. Treasury holdings consist of high-credit-quality issuers and government-backed securities, respectively. The Company evaluated its held-to-maturity securities for expected credit losses and determined that any such losses would be immaterial. This assessment is based on the high credit quality of the issuers, the short-term nature of the instruments, and the Company’s intent and ability to hold these investments until maturity. Accordingly, no allowance for credit losses was recorded as of September 30, 2026.

The held-to-maturity investments are reported in the condensed consolidated balance sheet as of December 31, 2025, and consist of the following:

As of December 31, 2025, gross unrealized gains and unrealized losses for held-to-maturity securities were $22,547 and $2,284, respectively. The Company has determined that these gross unrealized losses of $2,284 are primarily attributable to fluctuations in market interest rates rather than credit-related factors. The Company’s commercial paper and U.S. Treasury holdings consist of high-credit-quality issuers and government-backed securities, respectively. The Company evaluated its held-to-maturity securities for expected credit losses and determined that any such losses would be immaterial. This assessment is based on the high credit quality of the issuers, the short-term nature of the instruments, and the Company’s intent and ability to hold these investments until maturity. Accordingly, no allowance for credit losses was recorded as of  December 31, 2025.

See Note 2 for additional discussion regarding the Company’s fair value measurements.