The following are summaries of the Company's marketable securities at June 30, 2025 and December 31, 2024 (in thousands).


	As of June 30, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities and treasuries	$	124,092	$	68	$	(61)	$	124,099
Corporate debt securities	28,719		42		(2)		28,759
Total securities with a maturity of one year or less	$	152,811	$	110	$	(63)	$	152,858

U.S. government agency securities and treasuries	123,412		388		(51)		123,749
Corporate debt securities	4,907		16		—		4,923
Total securities with a maturity of more than one year	$	128,319	$	404	$	(51)	$	128,672
Total available-for-sale securities	$	281,130	$	514	$	(114)	$	281,530


	As of December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities and treasuries	$	148,673	$	196	$	(1)	$	148,868
Corporate debt securities	58,210		118		(16)		58,312
Total securities with a maturity of one year or less	$	206,883	$	314	$	(17)	$	207,180

U.S. government agency securities and treasuries	105,145		19		(404)		104,760
Corporate debt securities	6,801		46		—		6,847
Total securities with a maturity of more than one year	$	111,946	$	65	$	(404)	$	111,607
Total available-for-sale securities	$	318,829	$	379	$	(421)	$	318,787

As of June 30, 2025, the Company had 12 marketable securities with a total fair market value of $82.0 million in an unrealized loss position. All of the Company’s investments are classified as available-for-sale and are carried at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss). The Company considers all available-for-sale securities, including those with maturity dates beyond 12 months, as available to support current operational liquidity needs and therefore classifies all securities as available for sale.

The Company believes that any unrealized losses associated with the decline in value of its securities are temporary and believes that it is more likely than not that it will be able to hold its debt securities to maturity and that there was no material change in the credit risk of the above instruments since January 1, 2025. Therefore, the Company anticipates a full recovery of the amortized cost basis of its debt securities at maturity and no allowance for credit losses was recognized.

As of June 30, 2025 and December 31, 2024, $2.2 million and $1.8 million, respectively, of accrued interest receivable was included in prepaid expenses and other current assets.