The Company invests in certain U.S. government money market funds and treasury bills classified as cash equivalents and invests in certificate of deposits that are classified as restricted cash. The marketable securities consist of government securities as follows (in thousands):


	As of December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Cash equivalents
Money market funds	$	249,393	$	—	$	—	$	249,393
Total cash equivalents		249,393		—		—		249,393
Marketable securities
Government securities		44,872		168		—		45,040
Total marketable securities		44,872		168		—		45,040
Restricted cash
Certificate of deposit		770		—		—		770
Total cash equivalents, marketable securities and restricted cash	$	295,035	$	168	$	—	$	295,203


	As of December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Cash equivalents
Money market funds	$	19,926	$	—	$	—	$	19,926
Total cash equivalents		19,926		—		—		19,926
Marketable securities
Government securities		4,910		111		—		5,021
Total marketable securities		4,910		111		—		5,021
Restricted cash
Certificate of deposit		498		—		—		498
Total cash equivalents, marketable securities and restricted cash	$	25,334	$	111	$	—	$	25,445

The contractual maturities of the Company’s marketable securities are summarized as follows (in thousands):


	As of December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Within one year	$	23,254	$	109	$	—	$	23,363
After one year to five years		21,618		59		—		21,677
Total marketable securities	$	44,872	$	168	$	—	$	45,040

As of December 31, 2025 and 2024, there were no available-for-sale securities that have been in a continuous unrealized loss position for more than 12 months. For the years ended December 31, 2025 and 2024, the net unrealized holding gain (loss) on available-for-sale securities included in accumulated other comprehensive income was $0.1 million and $(0.2) million, respectively, and gains of $0.1 million and $1.0 million, respectively, were reclassified out of accumulated other comprehensive income into earnings upon the sale of available-for-sale securities.