The Company invests in available-for-sale securities that consist of U.S. Treasury Securities, U.S. Agency bonds, commercial paper, certificates of deposit, corporate debt securities and asset-backed securities.

The Company’s available-for-sale securities that are measured at fair value on a recurring basis consisted of the following (in thousands):


		March 31, 2026
	Maturities	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Available-for-sale securities
Securities of U.S. government and government agencies	Within two years	$	72,144	$	4	$	(49	)	$	72,099
Commercial paper	Within one year		44,060		1		(84	)		43,977
Corporate debt securities	Within one year		96,326		4		(101	)		96,229
Asset-backed securities	Within three years		4,653		6		(7	)		4,652
Total available-for-sale securities		$	217,183	$	15	$	(241	)	$	216,957

		December 31, 2025
	Maturities	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Available-for-sale securities
Securities of U.S. government and government agencies	Within one year	$	29,973	$	37	$	-		$	30,010
Commercial paper	Within one year		19,484		15		-			19,499
Certificates of deposit	Within one year		1,720		1		-			1,721
Corporate debt securities	Within one year		56,909		52		(1	)		56,960
Asset-backed securities	Within four years		5,914		7		(3	)		5,918
Total available-for-sale securities		$	114,000	$	112	$	(4	)	$	114,108

The Company’s available-for-sale securities are classified as current assets, even though the stated maturity date may be one year or more beyond the current balance sheet date, which reflects management’s intention to use the proceeds from sales of these securities to fund operations as needed. At March 31, 2026, there were 113 available-for-sale securities with a fair value of $177.1 million that were in a gross unrealized loss position for less than 12 months and none that were in a gross unrealized loss position for 12 months or more. The Company determined it is not “more likely than not” that it will be required to sell these securities prior to recovery of their amortized cost basis. As such, the Company did not record a credit allowance as of either March 31, 2026 or December 31, 2025. Accrued interest receivable on the Company’s available-for-sale securities was $0.1 million and de minimis as of March 31, 2026 and December 31, 2025, respectively. For the three months ended March 31, 2026 and 2025, the Company did not write off any accrued interest receivables, and there were no realized gains or losses.