Marketable securities consisted of available-for-sale securities as follows (in thousands):


	As of December 31, 2025
							Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gain		Loss		Value
Short-term marketable securities:
Corporate bonds	$	31,874	$	102	$	—	$	31,976
U.S. Treasury securities		33,296		123		—		33,419
Total short-term marketable securities	$	65,170	$	225	$	—	$	65,395
Long-term marketable securities:
Corporate bonds	$	50,341	$	177	$	—	$	50,518
U.S. Treasury securities		6,022		32		—		6,054
U.S. government agency debt securities		2,999		1		—		3,000
Total long-term marketable securities	$	59,362	$	210	$	—	$	59,572


	As of December 31, 2024
								Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gain		Loss			Value
Short-term marketable securities:
Corporate bonds	$	33,519	$	23	$	(5	)	$	33,537
U.S. Treasury securities		30,130		27		(4	)		30,153
Total short-term marketable securities	$	63,649	$	50	$	(9	)	$	63,690
Long-term marketable securities:
Corporate bonds	$	33,982	$	16	$	(43	)	$	33,955
U.S. Treasury securities		24,146		23		(15	)		24,154
U.S. government agency debt securities		3,500		1		—			3,501
Total long-term marketable securities	$	61,628	$	40	$	(58	)	$	61,610

As of December 31, 2025, the Company’s long-term marketable securities have contractual maturity dates between one and two years.

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):


	Fair Value Measurements at December 31, 2025 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	35,320	$	—	$	—	$	35,320
Marketable securities:
U.S. Treasury securities		39,473		—		—		39,473
Corporate bonds		—		82,494		—		82,494
U.S. government agency debt securities		—		3,000		—		3,000
Total marketable securities		39,473		85,494		—		124,967
Total assets	$	74,793	$	85,494	$	—	$	160,287


	Fair Value Measurements at December 31, 2024 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	85,612	$	—	$	—	$	85,612
Marketable securities:
U.S. Treasury securities		54,307		—		—		54,307
Corporate bonds		—		67,492		—		67,492
U.S. government agency debt securities		—		3,501		—		3,501
Total marketable securities		54,307		70,993		—		125,300
Total assets	$	139,919	$	70,993	$	—	$	210,912

Cash equivalents and U.S. Treasury securities were valued by the Company based on quoted market prices for identical securities, which represent a Level 1 measurement within the fair value hierarchy. Corporate bonds and agency securities were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy. There were no transfers into or out of Level 3 for any of the periods presented.