The Company has classified its marketable securities as available-for-sale. The Company’s marketable securities by major security type as of June 30, 2026 and December 31, 2025, were as follows (in thousands):


	June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Current marketable securities:
Commercial paper	$	993	$	—	$	(1	)	$	992
Corporate debt securities		35,047		19		(7	)		35,059
U.S. federal agency securities		2,961		—		(11	)		2,950
Municipal debt securities		3,052		—		(6	)		3,046
Total current marketable securities		42,053		19		(25	)		42,047
Long-term marketable securities:
Corporate debt securities		31,324		9		(51	)		31,282
Municipal debt securities		2,531		—		—			2,531
Total long-term marketable securities		33,855		9		(51	)		33,813
Total marketable securities	$	75,908	$	28	$	(76	)	$	75,860


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Current marketable securities:
Commercial paper	$	975	$	—	$	—		$	975
Corporate debt securities		31,128		83		—			31,211
Municipal debt securities		3,070		1		—			3,071
Total current marketable securities		35,173		84		—			35,257
Long-term marketable securities:
Corporate debt securities		44,926		160		(8	)		45,078
Municipal debt securities		5,607		24		—			5,631
U.S. federal agency securities		5,868		2		—			5,870
Total long-term marketable securities		56,401		186		(8	)		56,579
Total marketable securities	$	91,574	$	270	$	(8	)	$	91,836

The following tables summarize the Company’s available-for-sale debt securities with unrealized losses as of June 30, 2026 and December 31, 2025, aggregated by major security type and the length of time that individual securities have been in a continuous loss position (in thousands):


	June 30, 2026
	Less than 12 months					12 months or greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Commercial paper	$	992	$	(1	)	$	—	$	—		$	992	$	(1	)
Corporate debt securities		34,513		(58	)		—		—			34,513		(58	)
U.S. federal agency securities		—		—			2,950		(11	)		2,950		(11	)
Municipal debt securities		3,046		(6	)		—		—			3,046		(6	)
Total	$	38,551	$	(65	)	$	2,950	$	(11	)	$	41,501	$	(76	)


	December 31, 2025
	Less than 12 months					12 months or greater				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities		13,362		(8	)		—		—		13,362		(8	)
Total	$	13,362	$	(8	)	$	—	$	—	$	13,362	$	(8	)

As of June 30, 2026 and December 31, 2025, the Company had not recorded any allowance for credit losses related to its available-for-sale securities. The Company attributes the declines in the fair value of its available-for-sale securities to normal market and interest rate fluctuations. The declines in fair value are not attributed to declines in credit quality. The Company does not intend to sell investments while they are in an unrealized loss position and does not believe that it is more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity. All of the Company’s investments mature in less than three years.

During the six months ended June 30, 2026, no available-for-sale securities were sold prior to maturity. During the six months ended June 30, 2025, the Company received approximately $2.5 million in proceeds from the sale of an available-for-sale security prior to maturity. There was an immaterial amount of gain realized on the sale.