MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2025

The Company’s marketable securities consisted of the following (in thousands):


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities, short-term
Corporate debt securities	$	62,793	$	88	$	(5)	$	62,876






Total available-for-sale securities, short-term	$	62,793	$	88	$	(5)	$	62,876


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities, short-term
Corporate debt securities	$	118,813	$	128	$	(8)	$	118,933
Government and agency - U.S. securities	16,962		35		—		16,997
Total available-for-sale securities, short-term	135,775		163		(8)		135,930
Available-for-sale securities, long-term
Corporate debt securities	60,171		—		(203)		59,968

Total available-for-sale securities, long-term	60,171		—		(203)		59,968
Total available-for-sale securities	$	195,946	$	163	$	(211)	$	195,898

The following tables summarize the amount of unrealized losses, defined as the amount by which the amortized cost exceeds fair value, and the related fair value of available-for-sale marketable securities with unrealized losses, which have been segregated into two categories: those that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months (in thousands):


	December 31, 2025
	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	6,036	$	(3)	$	5,119	$	(2)	$	11,155	$	(5)


Total	$	6,036	$	(3)	$	5,119	$	(2)	$	11,155	$	(5)


	December 31, 2024
	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	73,952	$	(211)	$	2,515	$	—	$	76,467	$	(211)

Total	$	73,952	$	(211)	$	2,515	$	—	$	76,467	$	(211)

As of December 31, 2025, the Company’s available-for-sale securities mature in one year or less. As noted in the tables above, some of the Company’s available-for-sale marketable securities have been in an unrealized loss position for more than 12 months as of December 31, 2025 and 2024. The unrealized loss as of December 31, 2025 is immaterial and the Company does not intend to sell any of its available-for-sale securities and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. No credit losses were recognized on the Company’s available-for-sale securities during the years ended December 31, 2025 and 2024. The Company recorded realized gains of approximately $0.1 million during each of the years ended December 31, 2025 and December 31, 2024.