v3.25.4
Marketable Securities
12 Months Ended
Dec. 31, 2025
Marketable Securities  
Marketable Securities

4. Marketable Securities

The following table summarizes the Company’s investments as of December 31, 2025 (in thousands):

Gross

Amortized

Unrealized

Estimated

  ​ ​ ​

Cost

  ​ ​ ​

Gains

  ​ ​ ​

Losses

  ​ ​ ​

Fair Value

Marketable securities available-for-sale:

  ​

  ​

  ​

U.S. treasury obligations and government agency securities

$

43,940

$

96

$

$

44,036

Total available-for-sale securities

$

43,940

$

96

$

$

44,036

The following table summarizes the Company’s investments as of December 31, 2024 (in thousands):

Gross

Amortized

Unrealized

Estimated

  ​ ​ ​

Cost

  ​ ​ ​

Gains

  ​ ​ ​

Losses

  ​ ​ ​

Fair Value

Marketable securities available-for-sale:

U.S. treasury obligations and government agency securities

$

259,240

$

180

$

(20)

$

259,400

Total available-for-sale securities

$

259,240

$

180

$

(20)

$

259,400

The Company believes that U.S. treasury obligations and government agency securities are subject to minimal credit risk. As a result, the Company did not record any charges for credit-related impairments for its available-for-sale securities for the year ended December 31, 2025 and 2024.