The following table summarizes the amortized cost and estimated fair value of the Company’s U.S. government treasury securities, which are considered to be available-for-sale marketable securities and are included in marketable securities on the condensed consolidated balance sheet as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term marketable securities:
U.S. government treasury securities	$	62,821	$	—	$	(33	)	$	62,788
Long-term marketable securities:
U.S. government treasury securities	$	7,670	$	—	$	(16	)	$	7,654
Total marketable securities	$	70,491	$	—	$	(49	)	$	70,442


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Short-term marketable securities:
U.S. government treasury securities	$	19,922	$	6	$	—	$	19,928
Total short-term marketable securities	$	19,922	$	6	$	—	$	19,928

The Company did not have any long-term marketable securities as of December 31, 2025. Certain short-term debt securities with original maturities of less than three months are included in cash and cash equivalents on the condensed consolidated balance sheets and are not included in the tables above. As of March 31, 2026 the remaining contractual maturities of the available-for-sale securities were 1 to 15 months. As of December 31, 2025, all marketable securities had contractual maturities within one year. There were no available-for-sale securities in a continuous unrealized loss position for greater than 12 months.

The Company holds debt securities with high credit quality and has determined that there was no material change in the credit risk of any of its debt securities. The total fair value of marketable securities as of March 31, 2026 was $70.4 million.