The following tables summarize the Company’s marketable securities accounted for as available-for-sale securities (in thousands, except years):


	March 31, 2026
	Maturity	Amortized		Unrealized		Unrealized			Estimated
	(in years)	cost		gains		losses			fair value
US treasury securities	1 or less	$	67,084	$	92	$	(6	)	$	67,170
US government agency securities	1 or less		48,278		40		(12	)		48,306
Corporate debt securities	1 or less		12,560		—		(29	)		12,531
Commercial paper	1 or less		68,721		—		(196	)		68,525
US treasury securities	1-2		131,637		—		(480	)		131,157
US government agency securities	1-2		33,670		9		(117	)		33,562
Total		$	361,950	$	141	$	(840	)	$	361,251


	December 31, 2025
	Maturity	Amortized		Unrealized		Unrealized		Estimated
	(in years)	cost		gains		losses		fair value
US treasury securities	1 or less	$	99,640	$	274	$	—	$	99,914
US government agency securities	1 or less		74,345		218		—		74,563
Commercial paper	1 or less		27,769		24		—		27,793
US treasury securities	1-2		47,725		55		—		47,780
US government agency securities	1-2		17,884		57		—		17,941
Total		$	267,363	$	628	$	—	$	267,991

The following table presents fair values and gross unrealized losses for those available-for-sale securities that were in an unrealized loss position as of March 31, 2026, aggregated by category and the length of time that the securities have been in a continuous loss position (in thousands):


	March 31, 2026
	Unrealized losses less than 12 months					Unrealized losses 12 months or greater				Total
	Fair value		Unrealized losses			Fair value		Unrealized losses		Fair value		Unrealized losses
US treasury securities	$	134,107	$	(486	)	$	—	$	—	$	134,107	$	(486	)
US government agency securities		43,161		(129	)		—		—		43,161		(129	)
Corporate debt securities		12,531		(29	)		—		—		12,531		(29	)
Commercial paper		68,525		(196	)		—		—		68,525		(196	)
Total	$	258,324	$	(840	)	$	—	$	—	$	258,324	$	(840	)

As of March 31, 2026, there were 44 available-for-sale securities with an estimated fair value of $258.3 million in gross unrealized loss positions, none of which were in an unrealized loss position for more than 12 months. As of December 31, 2025, there were no available-for-sale securities that were in an unrealized loss position.

As of March 31, 2026, unrealized losses on available-for-sale securities are not attributed to credit risk. The Company believes that an allowance for credit losses is unnecessary because the unrealized losses on certain of the Company’s available-for-sale securities are due to market factors and changes in interest rates. Additionally, the Company does not intend to sell the securities nor is it more likely than not that the Company will be required to sell the securities before recovery of their amortized cost basis.

Accrued interest on the Company’s available-for-sale securities was $3.3 million and $2.5 million as of March 31, 2026 and December 31, 2025, respectively, and is included in prepaid expenses and other current assets on the condensed consolidated balance sheets.