The following tables present the fair value of available-for-sale marketable debt securities by type of security as follows (in thousands):


	June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities:
U.S. treasury notes	$	65,413	$	9	$	(12	)	$	65,410
U.S. government agency bonds		35,473		—		(13	)		35,460
Total	$	100,886	$	9	$	(25	)	$	100,870


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities:
U.S. treasury notes	$	-	$	-	$	-	$	-
U.S. government agency bonds		16,956		9		—		16,965
Total	$	16,956	$	9	$	—	$	16,965

At June 30, 2025 and December 31, 2024, all available-for-sale marketable securities had contractual maturities of less than one year.

As of June 30, 2025, the Company reviewed its investment portfolio to assess the unrealized losses on its available-for-sale investments. In making this assessment, the Company considered the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. The Company also evaluated whether it intended to sell the security and whether it was more likely than not that the Company would be required to sell the security before recovering its amortized cost basis. The Company determined no portion of the unrealized losses relate to a credit loss. There have been no impairments of the Company’s assets measured and carried at fair value during the three and six months ended June 30, 2025 and 2024.