Short-term investments, principally U.S. Treasury bills, are available-for-sale and consisted of the following (in thousands):


	As of June 30, 2026
	Amortized Cost		Unrealized Loss, Net			Estimated Fair Value
U.S. Treasury securities	$	195,517	$	(70	)	$	195,447


	As of December 31, 2025
	Amortized Cost		Unrealized Gain, Net		Estimated Fair Value
U.S. Treasury securities	$	208,126	$	53	$	208,179

All available-for-sale securities held as of June 30, 2026 and December 31, 2025 had a maturity of less than one year. The Company has classified all marketable securities, regardless of maturity, as short-term investments based upon the Company’s ability and intent to use any and all of those marketable securities to satisfy the Company’s liquidity requirements.