The following tables summarize the Company’s marketable securities (see below and Note 2) accounted for as available-for-sale securities (in thousands, except years):


	June 30, 2026
	Maturity (in years)	Amortized cost		Unrealized gains		Unrealized losses			Estimated fair value
U.S. Treasury securities	Less than one	$	177,762	$	17	$	(212	)	$	177,567
U.S. government agency securities	Less than one		20,684		1		(7	)		20,678
U.S. Treasury securities	1-3		82,243		—		(379	)		81,864
Total		$	280,689	$	18	$	(598	)	$	280,109


	December 31, 2025
	Maturity (in years)	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
U.S. Treasury securities	Less than one	$	107,324	$	223	$	—	$	107,547
U.S. government agency securities	Less than one		45,215		137		—		45,352
U.S. Treasury securities	1-3		25,684		33		—		25,717
Total		$	178,223	$	393	$	—	$	178,616

The following table presents fair values and gross unrealized losses for those available-for-sale securities that were in an unrealized loss position, aggregated by category and the length of time that the securities have been in a continuous loss position (in thousands):


	June 30, 2026
	Less than 12 months					12 months or longer				Total
	Fair value		Unrealized losses			Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. Treasury securities	$	227,883	$	(591	)	$	—	$	—	$	227,883	$	(591	)
U.S. government agency securities		13,177		(7	)		—		—		13,177		(7	)
Total	$	241,060	$	(598	)	$	—	$	—	$	241,060	$	(598	)

As of June 30, 2026, there were 69 available-for-sale securities with an estimated fair value of $241.1 million in gross unrealized loss positions for less than 12 months. As of June 30, 2026, unrealized losses on available-for-sale securities are not attributed to credit risk. The Company believes that an allowance for credit losses is unnecessary because the unrealized loss is due to market factors and interest rate fluctuations. Additionally, the Company does not intend to sell the securities nor is it more likely than not that the Company will be required to sell the securities before recovery of their amortized cost basis.

As of December 31, 2025, there were no available-for-sale securities in an unrealized loss position.

The amortized cost and fair value of marketable securities exclude $2.5 million and $1.9 million of accrued interest receivable as of June 30, 2026 and December 31, 2025, respectively. Accrued interest receivable is included in prepaid expenses and other current assets on the Company’s condensed balance sheets.