The amortized cost and fair value of our marketable securities by type of security as of March 31, 2026 are as follows:


(in thousands)	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Money market funds	Level 1	$	17,298	$	—	$	—	$	17,298
U.S. treasury securities	Level 1	334,695		1		(458)		334,238
U.S. government agency securities	Level 2	38,138		—		(66)		38,072

The amortized cost and fair value of our marketable securities by type of security as of December 31, 2025 are as follows:


(in thousands)	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Money market funds	Level 1	$	12,204	$	—	$	—	$	12,204
U.S. treasury securities	Level 1	78,268		46		—		78,314
U.S. government agency securities	Level 2	49,767		15		(1)		49,781

The fair values of marketable securities, by classification, included in the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 are as follows:


(in thousands)	As of March 31, 2026		As of December 31, 2025
Cash and cash equivalents	$	167,223	$	20,203
Marketable securities	222,385		120,097

As of March 31, 2026 and December 31, 2025, the amounts shown for marketable securities are inclusive of $1.9 million and $0.9 million of earned interest receivable, respectively.

The fair value of available-for-sale debt securities as of March 31, 2026 and December 31, 2025, by contractual maturity, are summarized as follows:


	As of March 31, 2026				As of December 31, 2025
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	289,398	$	289,301	$	114,003	$	114,047
Due in one year through five years	100,733		100,307		26,237		26,253
Due in five years through ten years	—		—		—		—
Due after ten years	—		—		—		—
Total	$	390,131	$	389,608	$	140,240	$	140,300

The aggregate fair value of available-for-sale debt securities in an unrealized loss position as of March 31, 2026 and December 31, 2025 was $267.4 million and $9.6 million, respectively. The Company had no realized gains or losses during the three months ended March 31, 2026 or 2025. As of March 31, 2026 and December 31, 2025, the Company believes that the cost basis of our marketable securities is recoverable and no allowance for credit losses was recorded.