The following table summarizes the Company's available-for-sale securities as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30, 2026
			Unrealized
	Amortized Cost		Gains		Losses			Estimated Fair Value
U.S. Treasury Bills	$	148,885	$	—	$	(54	)	$	148,831
Total available-for-sale securities	$	148,885	$	—	$	(54	)	$	148,831


	December 31, 2025
			Unrealized
	Amortized Cost		Gains		Losses		Estimated Fair Value
U.S. Treasury Bills	$	19,961	$	3	$	—	$	19,964
Total available-for-sale securities	$	19,961	$	3	$	—	$	19,964

The Company had two U.S. treasury bill securities in an unrealized loss position as of June 30, 2026. The unrealized loss at June 30, 2026 was attributable to changes in interest rates and does not represent a credit loss. The Company does not intend to sell this security, and it is not more likely than not that it will be required to sell before recovery of the amortized cost basis. The Company held no debt securities that were in an unrealized loss position as of December 31, 2025.