Available-for-sale debt securities consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Marketable securities:
U.S. treasury securities	$	108,815	$	—	$	(125	)	$	108,690
Non-U.S. debt securities		114,027		—		(2,623	)		111,404
Total	$	222,842	$	—	$	(2,748	)	$	220,094


	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Marketable securities:
U.S. treasury securities	$	97,559	$	—	$	(48	)	$	97,511
Cash equivalents:
Non-U.S. debt securities		17,415		223		—			17,638
Total	$	114,974	$	223	$	(48	)	$	115,149

All of the Company’s available-for-sale debt securities as of June 30, 2026 and December 31, 2025 had a contractual maturity of less than 12 months. All of the Company’s available-for-sale debt securities as of June 30, 2026 and December 31, 2025 are classified as current as they mature within one year from the balance sheet date.

The Company recognized net realized gains of $0.2 million during the six months ended June 30, 2026 on its available-for-sale debt securities. There were no net realized gains or losses during the three months ended June 30, 2026. During the three and six months ended June 30, 2025, the Company recognized net realized gains of $1.3 million and $0.9 million respectively on its available-for-sale debt securities. These net realized gains and losses were recognized in other income (expense), net and represent amounts reclassified from accumulated other comprehensive income (loss) into earnings.

As of June 30, 2026, the Company held six securities in an unrealized loss position with an aggregate fair value of $220.1 million. As of December 31, 2025, the Company held three securities in an unrealized loss position with an aggregate fair value of $97.5 million. None of the securities were in an unrealized loss position for greater than 12 months.

The Company has the intent and ability to hold its debt securities until recovery of their amortized cost bases, which may be at maturity. As a result, the Company did not recognize any differences between the fair value and amortized cost basis as a loss in its consolidated statements of operations and comprehensive loss for the six months ended June 30, 2026 and year ended December 31, 2025. The Company did not record any credit-related impairments for its available-for-sale debt securities for the six months ended June 30, 2026 and year ended December 31, 2025.