A summary of the Company’s held-to-maturity investments as of March 31, 2026 and December 31, 2025 consisted of the following (in thousands):


	Three Months Ended March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Treasury securities - mature April 2026	$	48,191	$	2	$	—		$	48,193
U.S. Treasury securities - mature September 2026		34,979				(1	)		34,978
Total	$	83,170	$	2	$	(1	)	$	83,171


	Year Ended December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities - mature April 2026	$	47,745	$	32	$	—	$	47,777
Total	$	47,745	$	32	$	—	$	47,777

There is no allowance for credit losses in short-term investments as of March 31, 2026 and December 31, 2025.