Short-term investments consist of U.S. treasury and U.S. government agency securities and are classified as available-for-sale. 

Available-for-sale investments are reported at fair value, with unrealized gains or losses reported in accumulated other comprehensive income. The fair values of the Company’s available-for-sale cash and cash equivalents securities are Level 1 measurements, based on quoted prices from active markets for identical assets. The fair values of our available-for-sale short-term investments securities are Level 2 measurements, based on quoted prices from inactive markets for identical assets.

The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of the Company’s marketable securities by type of security as of June 30, 2025 and December 31, 2024 were as follows:

The aggregate fair value of available-for-sale debt securities in an unrealized loss position as of June 30, 2025 was $9,751. The Company did not have any investments in a continuous unrealized loss position for more than twelve months as of June 30, 2025. As of June 30, 2025, the Company believes that the cost basis of its available-for-sale debt securities is recoverable. No allowance for credit losses was recorded as of June 30, 2025.