Available-for-sale investments consisted of the following as of June 30, 2025 and December 31, 2024 (in thousands):


	June 30, 2025
	Amortized Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Short-term marketable securities
Commercial paper	$	1,467	$	—	$	(2	)	$	1,465
U.S. government treasury securities		128,371		79		(54	)		128,396
Corporate bonds		24,834		17		(2	)		24,849
Total short-term marketable securities	$	154,672	$	96	$	(58	)	$	154,710
Long-term marketable securities
U.S. government treasury securities	$	21,038	$	29	$	(2	)	$	21,065
Corporate bonds		3,027		8		—			3,035
Total long-term marketable securities	$	24,065	$	37	$	(2	)	$	24,100


	December 31, 2024
	Amortized Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Short-term marketable securities
Commercial paper	$	2,476	$	3	$	—		$	2,479
U.S. government treasury securities		153,353		211		(43	)		153,521
Corporate bonds		18,357		19		(2	)		18,374
Total short-term marketable securities	$	174,186	$	233	$	(45	)	$	174,374
Long-term marketable securities
U.S. government treasury securities	$	33,682	$	27	$	(49	)	$	33,660
Total long-term marketable securities	$	33,682	$	27	$	(49	)	$	33,660

All the U.S. government treasury securities, corporate bonds and commercial paper designated as short-term marketable securities have an effective maturity date that is equal to or less than one year from the respective condensed consolidated balance sheet date. Those that are designated as long-term marketable securities have an effective maturity date that is more than one year from the respective condensed consolidated balance sheet date.

Accrued interest receivable is excluded from the amortized cost and estimated fair value of our marketable securities. Accrued interest receivable of $1.3 million was presented separately within the prepaid expenses and other current assets balance on the unaudited condensed consolidated balance sheet as of June 30, 2025 and on the condensed consolidated balance sheet as of December 31, 2024.

The following table presents the gross unrealized holding losses and fair values for investments in an unrealized loss position, and the length of time individual securities have been in a continuous loss position, as of June 30, 2025 (in thousands):


	Less Than 12 Months					12 Months Or Greater
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Commercial paper	$	1,465	$	(2	)	$	—	$	—
U.S. government treasury securities		73,611		(56	)		—		—
Corporate bonds		5,771		(2	)		—		—
Total available-for-sale securities	$	80,847	$	(60	)	$	—	$	—

We periodically review our available-for-sale securities to assess for credit impairment. Some of the factors considered in assessing impairment include the extent to which the fair value is less than the amortized cost basis, adverse conditions related to the security, an industry or geographic area, changes to security ratings or sector credit ratings and other relevant market data.

As of June 30, 2025, we did not intend, nor were we more likely than not to be required, to sell our available-for-sale investments before the recovery of their amortized cost basis, which may be maturity. Based on our assessment, we concluded all impairment as of June 30, 2025 to be due to factors other than credit loss, such as changes in interest rates. A credit allowance was not recognized and the impairment of our available-for-sale securities was recorded in other comprehensive loss.