The following tables summarize the amortized cost and estimated fair value of the Company’s current and noncurrent marketable securities (in thousands):


	March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Marketable securities, current:
U.S. Treasury securities	$	119,350	$	86	$	(11)	$	119,425
Commercial paper	24,629		1		(23)		24,607
Corporate debt	5,819		—		(3)		5,816
Government agency securities	2,974		4		—		2,978
Total marketable securities, current	152,772		91		(37)		152,826
Marketable securities, noncurrent:
U.S. Treasury securities	59,833		33		(144)		59,722
Government agency securities	14,086		4		(31)		14,059
Total marketable securities, noncurrent	73,919		37		(175)		73,781
Total marketable securities	$	226,691	$	128	$	(212)	$	226,607


	December 31, 2025
	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
Marketable securities, current:
U.S. Treasury securities	$	135,801	$	263	$	—	$	136,064
Commercial paper	24,391		10		(5)		24,396
Corporate debt	11,813		3		(1)		11,815
Government agency securities	5,145		11		—		5,156
Total marketable securities, current	177,150		287		(6)		177,431
Marketable securities, noncurrent:
U.S. Treasury securities	55,793		208		—		56,001
Government agency securities	18,368		51		—		18,419
Total marketable securities, noncurrent	74,161		259		—		74,420
Total marketable securities	$	251,311	$	546	$	(6)	$	251,851

The Company has determined that there were no material changes in the credit risk, therefore the Company has not recognized any allowance for credit losses on its debt securities. As of March 31, 2026, the Company holds marketable securities with an aggregate fair value of $73.8 million that had remaining maturities between one and two years. All other securities had a contractual maturity of less than a year. There were no realized gains or losses during the three months ended March 31, 2026, or 2025.