At June 30, 2026, the fair value and amortized cost of the Company’s available-for-sale debt securities, summarized by type of security, consisted of the following (in thousands):


	As of June 30, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Short-term:
U.S. treasury securities	$	80,481	$	—	$	(148	)	$	80,333

Long-term:
U.S. treasury securities	$	106,276	$	3	$	(933	)	$	105,346

At December 31, 2025, the fair value and amortized cost of the Company’s available-for-sale debt securities, summarized by type of security, consisted of the following (in thousands):


	As of December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Short-term:
U.S. treasury securities	$	23,994	$	33	$	—		$	24,027
Corporate Bonds		2,923		10		—			2,933
Total		26,917		43		—			26,960

Long-term:
U.S. treasury securities	$	42,652	$	143	$	(11	)	$	42,784
Corporate Bonds		4,098		12		(1	)		4,109
Total		46,750		155		(12	)		46,893

The following table shows gross unrealized losses and fair values of available-for-sale securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of June 30, 2026 (in thousands, except for number of securities):


	Unrealized losses less than 12 months						Unrealized losses 12 months or greater						Total
	Number of Individual Securities		Fair Value		Unrealized Loss		Number of Individual Securities		Fair Value		Unrealized Loss		Number of Individual Securities		Fair Value		Unrealized Loss
Available-for-sale securities:
U.S. treasury securities		135	$	183,468	$	1,081		—	$	—	$	—		135	$	183,468	$	1,081
Total		135	$	183,468	$	1,081		—	$	—	$	—		135	$	183,468	$	1,081

The following table shows gross unrealized losses and fair values of available-for-sale securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of December 31, 2025 (in thousands, except for number of securities):


	Unrealized losses less than 12 months						Unrealized losses 12 months or greater						Total
	Number of Individual Securities		Fair Value		Unrealized Loss		Number of Individual Securities		Fair Value		Unrealized Loss		Number of Individual Securities		Fair Value		Unrealized Loss
Available-for-sale securities:
U.S. treasury securities		4	$	7,802	$	11		—	$	—	$	—		4	$	7,802	$	11
Corporate Bonds		8		772		1		—		—		—		8		772		1
Total		12	$	8,574	$	12		—	$	—	$	—		12	$	8,574	$	12

The unrealized losses on the Company’s available-for-sale debt securities as of June 30, 2026 and December 31, 2025 were caused by fluctuations in market value and interest rates as a result of the economic environment. The Company concluded that an allowance for credit losses was unnecessary as of June 30, 2026 and December 31, 2025 because the decline in the market value was attributable to changes in market conditions and not credit quality, and that it is neither management’s intention to sell nor is it more likely than not that the Company will be required to sell these investments prior to recovery.

Gross realized gains and losses on the sale of short-term and long-term investments are included in other income in the Company’s condensed consolidated statements of operations and comprehensive loss. The following table summarizes the Company’s gross realized gains and losses on the sale of available-for-sale debt securities:

Accrued interest receivable related to the above investment securities was $1.8 million and $0.9 million at June 30, 2026 and December 31, 2025, respectively, and is included within accrued interest receivable on the condensed consolidated balance sheets.

The Company holds investments in mutual funds that are classified as equity securities, primarily representing diversified portfolios of publicly traded equity instruments managed by third-party investment advisors. As of June 30, 2026 and December 31, 2025, the Company had $14.0 million and $59.1 million, respectively, of equity securities included within short-term investments on the condensed consolidated balance sheets. The following is a summary of unrealized and realized gains (losses) recognized on equity securities included in other income (expense) in the condensed consolidated statements of operations and comprehensive loss.