The following tables summarize the Company’s marketable securities accounted for as available-for-sale securities (in thousands, except years):


	June 30, 2026
	Maturity	Amortized		Unrealized		Unrealized			Estimated
	(in years)	cost		gains		losses			fair value
US treasury securities	1 or less	$	96,795	$	32	$	(207	)	$	96,620
US government agency securities	1 or less		47,830		5		(38	)		47,797
Corporate debt securities	1 or less		12,594		—		(29	)		12,565
Commercial paper	1 or less		69,365		—		(151	)		69,214
US treasury securities	1-2		88,260		—		(630	)		87,630
US government agency securities	1-2		28,134		—		(231	)		27,903
Total		$	342,978	$	37	$	(1,286	)	$	341,729


	December 31, 2025
	Maturity	Amortized		Unrealized		Unrealized		Estimated
	(in years)	cost		gains		losses		fair value
US treasury securities	1 or less	$	99,640	$	274	$	—	$	99,914
US government agency securities	1 or less		74,345		218		—		74,563
Commercial paper	1 or less		27,769		24		—		27,793
US treasury securities	1-2		47,725		55		—		47,780
US government agency securities	1-2		17,884		57		—		17,941
Total		$	267,363	$	628	$	—	$	267,991

The following table presents fair values and gross unrealized losses for those available-for-sale securities that were in an unrealized loss position as of June 30, 2026, aggregated by category and the length of time that the securities have been in a continuous loss position (in thousands):


	June 30, 2026
	Unrealized losses less than 12 months					Unrealized losses 12 months or greater				Total
	Fair value		Unrealized losses			Fair value		Unrealized losses		Fair value		Unrealized losses
US treasury securities	$	150,686	$	(837	)	$	—	$	—	$	150,686	$	(837	)
US government agency securities		56,201		(269	)		—		—		56,201		(269	)
Corporate debt securities		12,565		(29	)		—		—		12,565		(29	)
Commercial paper		69,214		(151	)		—		—		69,214		(151	)
Total	$	288,666	$	(1,286	)	$	—	$	—	$	288,666	$	(1,286	)

As of June 30, 2026, there were 50 available-for-sale securities with an estimated fair value of $288.7 million in gross unrealized loss positions, none of which were in an unrealized loss position for more than 12 months. As of December 31, 2025, there were no available-for-sale securities that were in an unrealized loss position.

As of June 30, 2026, unrealized losses on available-for-sale securities are not attributed to credit risk. The Company believes that an allowance for credit losses is unnecessary because the unrealized losses on certain of the Company’s available-for-sale securities are due to market factors and changes in interest rates. Additionally, the Company does not intend to sell the securities nor is it more likely than not that the Company will be required to sell the securities before recovery of their amortized cost basis.

Accrued interest on the Company’s available-for-sale securities was $2.5 million as of June 30, 2026 and December 31, 2025 and is included in prepaid expenses and other current assets on the condensed consolidated balance sheets.