The Company's available-for-sale investments consisted of the following (in thousands):


	As of June 30, 2026
	Amortized Cost		Unrealized Gain		Unrealized Losses			Estimated Fair Value
Investments:
U.S. agency bonds		428,934		9		(331	)		428,612
Total	$	428,934	$	9	$	(331	)	$	428,612

	As of December 31, 2025
	Amortized Cost		Unrealized Gain		Unrealized Losses			Estimated Fair Value
Investments:
U.S. agency bonds		153,426		330		—			153,756
Total	$	153,426	$	330	$	—		$	153,756

The following table summarizes the maturities of the Company's investments at June 30, 2026:


(in thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	358,157	$	358,010
Due in one to two years		70,777		70,602
Total	$	428,934	$	428,612

The Company has determined that there were no material declines in the fair value of its investments due to credit-related factors as of June 30, 2026 or December 31, 2025.