4. Marketable Securities

The following table summarizes the Company’s investments as of June 30, 2026 (in thousands):


			Gross
	Amortized		Unrealized					Estimated
	Cost		Gains		Losses			Fair Value
Marketable securities available-for-sale:
U.S. treasury obligations and government agency securities	$	55,010	$	5	$	(18	)	$	54,997
Total available-for-sale securities	$	55,010	$	5	$	(18	)	$	54,997

The following table summarizes the Company’s investments as of December 31, 2025 (in thousands):


			Gross
	Amortized		Unrealized				Estimated
	Cost		Gains		Losses		Fair Value
Marketable securities available-for-sale:
U.S. treasury obligations and government agency securities	$	43,940	$	96	$	—	$	44,036
Total available-for-sale securities	$	43,940	$	96	$	—	$	44,036

The Company believes that U.S. treasury obligations and government agency securities are subject to minimal credit risk. As a result, the Company did not record any charges for credit-related impairments for its available-for-sale securities for the six months ended June 30, 2026.