The Company invests in short-term and long-term agency, municipal, corporate and other debt securities. The securities are categorized as available-for-sale and are recorded at fair value. The following table summarizes information regarding the Company’s short-term and long-term marketable securities as of June 30, 2026 and December 31, 2025:



	June 30, 2026
(in thousands)	Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities	$	14,500	$	—	$	(58)	$	14,442
Corporate debt securities	11,968		—		(108)		11,860
U.S. municipal securities	7,679		5		(8)		7,676
U.S. treasury bonds	1,000		—		—		1,000
Total marketable securities	$	35,147	$	5	$	(174)	$	34,978



	December 31, 2025
(in thousands)	Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities	$	7,500	$	9	$	(4)	$	7,505
Corporate debt securities	14,424		9		(7)		14,426
U.S. municipal securities	8,631		39		—		8,670
U.S. treasury bonds	1,000		4		—		1,004
Total marketable securities	$	31,555	$	61	$	(11)	$	31,605

Fair values for the corporate debt securities are primarily determined based on quoted market prices (Level 1). Fair values for the U.S. municipal securities, U.S. government agency securities, certificates of deposit and U.S. treasury securities are primarily determined using dealer quotes or quoted market prices for similar securities (Level 2).

Classification of marketable securities as current or non-current is based upon the security’s maturity date as of the date of these financial statements.

The June 30, 2026 balance of available-for-sale debt securities by contractual maturity is shown in the following table at fair value. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.



(in thousands)	June 30, 2026
Due in one year or less	$	14,858
Due after one year through five years	20,120
Total marketable securities	$	34,978