The following tables present a summary of the Company’s marketable securities, which consist solely of available-for-sale debt securities (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
June 30, 2026
U.S. government and agency securities	$	21,982	$	1	$	(1	)	$	21,982
Corporate bonds		47,063		7		(22	)		47,048
	$	69,045	$	8	$	(23	)	$	69,030


	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
December 31, 2025
U.S. government and agency securities	$	83,085	$	59	$	—		$	83,144
Corporate bonds		123,131		131		(17	)		123,245
	$	206,216	$	190	$	(17	)	$	206,389

As of June 30, 2026, no available-for-sale debt securities had remaining maturities greater than one year. As of December 31, 2025, no available-for-sale debt securities had remaining maturities greater than two years. The amortized cost of marketable debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, or to the earliest call date for callable debt securities purchased at a premium.

As of June 30, 2026 and December 31, 2025, the balance in accumulated other comprehensive loss consisted solely of unrealized gains and losses on available-for-sale debt securities, net of reclassification adjustments for realized gains and losses and income tax effects. The Company uses the aggregate portfolio approach to release the tax effects of unrealized gains and losses on available-for-sale debt securities in accumulated other comprehensive loss. Realized gains and losses from the sale or maturity of marketable securities are based on the specific identification method and are included in results of operations as investment income. Unrealized gain (loss) on available-for-sale securities, net, presented in the statements of operations and comprehensive income (loss) consisted of the following (in thousands):


	Three Months Ended June 30,					Six Months Ended June 30,
	2026			2025		2026			2025
Unrealized gain (loss) before reclassifications	$	11		$	12	$	(172	)	$	(9	)
Realized gains reclassified to investment income		(16	)		—		(16	)		—
Unrealized gain (loss) on available-for-sale securities, net	$	(5	)	$	12	$	(188	)	$	(9	)

The following tables present the fair values and unrealized losses of available-for-sale debt securities held by the Company in an unrealized loss position for less than 12 months and 12 months or greater (in thousands):


	Less than 12 Months					12 Months or Greater				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
June 30, 2026
U.S. government and agency securities	$	16,969	$	(1	)	$	—	$	—	$	16,969	$	(1	)
Corporate bonds		21,970		(22	)		—		—		21,970		(22	)
	$	38,939	$	(23	)	$	—	$	—	$	38,939	$	(23	)


	Less than 12 Months					12 Months or Greater				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2025
U.S. government and agency securities	$	4,676	$	—		$	—	$	—	$	4,676	$	—
Corporate bonds		32,289		(17	)		—		—		32,289		(17	)
	$	36,965	$	(17	)	$	—	$	—	$	36,965	$	(17	)

As of June 30, 2026, available-for-sale debt securities held by the Company in an unrealized loss position consisted of 11 investment grade security positions. The Company has the intent and ability to hold such securities until recovery and, based on the credit quality of the issuers and low severity of each unrealized loss position relative to its amortized cost basis, the Company did not identify any credit losses associated with its available-for-sale debt securities. The Company did not record an allowance for credit losses on its available-for-sale debt securities as of June 30, 2026 or December 31, 2025, and no impairment or credit losses on available-for-sale debt securities were recorded during the three and six months ended June 30, 2026 and 2025.