The following represents a summary of the estimated fair value of short-term and long-term investments at June 30, 2026 and December 31, 2025:


	Fair Value Measurements at
	June 30, 2026
	Amortized		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair Value
	(in thousands)
Short-term investments
U.S. Treasury securities	$	136,348		—	$	(177	)	$	136,171
Long-term investments
U.S. Treasury securities		44,861		—		(213	)		44,648
Total	$	181,209	$	—	$	(390	)	$	180,819


	Fair Value Measurements at
	December 31, 2025
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
	(in thousands)
Short-term investments
U.S. Treasury securities	$	187,167	$	382	$	—	$	187,549
Long-term investments
U.S. Treasury securities		45,411		20		—		45,431
Total	$	232,578	$	402	$	—	$	232,980

As of June 30, 2026, all available-for-sale debt securities in an unrealized loss position had been in a continuous unrealized loss position for less than 12 months. There were no available-for-sale debt securities in an unrealized loss position as of December 31, 2025.

The following represents the contractual maturities of available-for-sale debt securities as of June 30, 2026:


	Fair Value Measurements at
	June 30, 2026
	Years to Maturity
	Within One		One to Two		More Than Two		Estimated
	Year		Years		Years		Fair Value
	(in thousands)
U.S. Treasury securities	$	136,171	$	44,648	$	—	$	180,819
Total	$	136,171	$	44,648	$	—	$	180,819