Investments consist of the following (in thousands):


			Gross Unrealized
					Losses
	Amortized				Less than			Greater than		Estimated
March 31, 2026	Cost		Gains		One Year			One Year		Fair Value
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	67,931	$	117	$	(20	)	$	—	$	68,028
Corporate debt securities		92,166		186		(69	)		—		92,283
Total short-term investments		160,097		303		(89	)		—		160,311
Long-term investments:
Available-for-sale securities:
U.S. government and agency debt securities		15,044		—		(37	)		—		15,007
Corporate debt securities		11,255		—		(44	)		—		11,211
		26,299		—		(81	)		—		26,218
Held-to-maturity securities:
Certificates of deposit		145		—		—			—		145
Total long-term investments		26,444		—		(81	)		—		26,363
Total investments	$	186,541	$	303	$	(170	)	$	—	$	186,674

December 31, 2025
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	101,033	$	338	$	—		$	—	$	101,371
Corporate debt securities		97,740		534		—			—		98,274
Total short-term investments		198,773		872		—			—		199,645
Held-to-maturity securities:
Certificates of deposit		145		—		—			—		145
Total long-term investments		145		—		—			—		145
Total investments	$	198,918	$	872	$	—		$	—	$	199,790

At March 31, 2026, the Company’s investments in corporate debt securities had a minimum rating of A2 (Moody’s)/A (Standard and Poor’s), and 47 of the Company’s 120 investment securities were in an unrealized loss position with an aggregate estimated fair value of $83.4 million. The primary reason these securities were in an unrealized loss position is that they are fixed-rate securities that were acquired in a rising interest rate environment. In making the determination whether the decline in fair value of these securities was temporary, the Company evaluated whether it intended to sell the security and whether it was more likely than not that the Company would be required to sell the security before recovering its amortized cost basis. The Company has the intent and ability to hold these investments until recovery, which may be at maturity.