Marketable securities consisted of the following (in thousands):


	June 30, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Government agencies	$	69,902	$	54	$	(12	)	$	69,944
Total	$	69,902	$	54	$	(12	)	$	69,944


	December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Government agencies		119,130		297		(26	)	$	119,401
Total	$	119,130	$	297	$	(26	)	$	119,401

As of June 30, 2025, the unrealized losses on the Company’s investments in U.S. government agencies securities were caused by interest rate increases. The current credit ratings are all within the guidelines of the investment policy of the Company, and the Company does not expect the issuers to settle any security at a price less than the amortized cost basis of the investment. The Company does not intend to sell the investments, and it is not probable that the Company will be required to sell the investments before recovery of their amortized cost basis.

As of June 30, 2025, one marketable security with contractual maturity of one year or less was in an unrealized loss position totaling $0.01 million, and all marketable securities held by the Company had remaining contractual maturities of one year or less.

As of June 30, 2024, twelve marketable securities with contractual maturities of one year or less were in an unrealized loss position totaling $0.1 million.

There were no impairments of the Company’s marketable securities measured and carried at fair value during the six months ended June 30, 2025 and 2024.