All of the Company's marketable securities are classified as available-for-sale. The amortized cost, gross unrealized gains, gross unrealized losses, and fair value of the Company’s marketable securities, by major security type, were as follows (in thousands):


	As of June 30, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value

U.S. Treasuries	$	26,165	$	8	$	(5)	$	26,168
U.S. Government agency bonds	4,847		—		(5)		4,842
Corporate bonds	23,272		—		(45)		23,227
Total marketable securities	$	54,284	$	8	$	(55)	$	54,237

Marketable securities are recorded in the following Consolidated Balance Sheets captions:
Cash and cash equivalents							$	4,877
Marketable securities							49,360
Total marketable securities							$	54,237


	As of December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	12,875	$	2	$	—	$	12,877
U.S. Treasuries	29,572		78		—		29,650
U.S. Government agency bonds	13,588		7		(1)		13,594
Corporate bonds	32,279		13		(20)		32,272
Total marketable securities	$	88,314	$	100	$	(21)	$	88,393

The following tables present the fair values and gross unrealized losses of the Company’s marketable securities aggregated by major security type and length of time that the individual securities have been in a continuous unrealized loss position (in thousands):


	Less Than 12 Months				Greater Than 12 Months
As of June 30, 2026	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
US Treasuries	$	13,124	$	(5)	$	—	$	—
U.S. Government agency bonds	2,396		(4)		1,399		(1)
Corporate bonds	23,227		(45)		—		—
Total	$	38,747	$	(54)	$	1,399	$	(1)


	Less Than 12 Months				Greater Than 12 Months
As of December 31, 2025	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Government agency bonds	$	450	$	—	$	3,589	$	(1)
Corporate bonds	19,759		(20)		—		—
Total	$	20,209	$	(20)	$	3,589	$	(1)

For marketable securities in an unrealized loss position, the Company does not intend to sell them, it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost bases, and the unrealized losses are not credit related. Accordingly, the Company has not recorded any impairment losses or a credit loss allowance.

During the three and six months ended June 30, 2026, the Company did not sell any marketable securities or record any realized gains or losses. During the three and six months ended June 30, 2025, the Company sold $4.4 million

and $12.7 million, respectively, of marketable securities. Realized gains or losses for the three and six months ended June 30, 2025 were not material.

The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands):


	As of June 30, 2026				As of December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	48,004	$	47,973	$	71,054	$	71,141
Due in one to two years	6,280		6,264		17,260		17,252
Total	$	54,284	$	54,237	$	88,314	$	88,393