The following table summarizes the Company's available-for-sale securities as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026
			Unrealized
	Amortized Cost		Gains		Losses			Estimated Fair Value
Cash equivalents
U.S. Treasury Bills	$	19,917	$	—	$	(4	)	$	19,913
Total available-for-sale securities	$	19,917	$	—	$	(4	)	$	19,913


	December 31, 2025
			Unrealized
	Amortized Cost		Gains		Losses		Estimated Fair Value
Cash equivalents
U.S. Treasury Bills	$	19,961	$	3	$	—	$	19,964
Total available-for-sale securities	$	19,961	$	3	$	—	$	19,964

The Company had one U.S. treasury bill security in an unrealized loss position as of March 31, 2026. The unrealized loss at March 31, 2026 was attributable to changes in interest rates and does not represent a credit loss. The Company does not intend to sell this security, and it is not more likely than not that it will be required to sell before recovery of the amortized cost basis. The Company held no debt securities that were in an unrealized loss position as of December 31, 2025.