Marketable securities were comprised as follows as of June 30, 2025 (in thousands):


	Maturities	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. government agency securities	Within 1 year	$	62,645	$	110	$	(5	)	$	62,750
U.S. government agency securities	Between 1 to 2 years		23,262		30		(28	)		23,264
Total		$	85,907	$	140	$	(33	)	$	86,014

Marketable securities were comprised as follows as of December 31, 2024 (in thousands):


	Maturities	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. treasury bills	Within 1 year	$	22,206	$	32	$	—		$	22,238
U.S. government agency securities	Within 1 year		48,085		140		(11	)		48,214
U.S. government agency securities	Between 1 to 2 years		36,936		110		(87	)		36,959
Total		$	107,227	$	282	$	(98	)	$	107,411

The amortized cost of available-for-sale securities is adjusted for amortization of premiums and accretion of discounts to maturity. There were no realized gains or losses on available-for-sale securities for the periods presented. None of the investments were in an unrealized loss position for greater than 12 months as of June 30, 2025. The unrealized losses on the Company's available-for-sale securities were caused by the impact of central bank and market interest rates on the investments held. The Company does not intend to sell the investments, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. After analyzing the securities in an unrealized loss position, the portion of these losses that relates to changes in credit quality is insignificant. The Company did not record an allowance for credit losses as of June 30, 2025. Furthermore, the Company does not believe that these securities expose the Company to undue market risk or counterparty credit risk.