The following tables summarize the amortized cost and estimated fair value of the Company's available-for-sale investments that were included in short-term investments and long-term investments as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term investments:
U.S. Treasury securities	$	88,133	$	1	$	(304	)	$	87,830
Commercial paper		80,512		—		(57	)		80,455
Corporate debt securities		65,067		—		(260	)		64,807
Long-term investments:
U.S. Treasury securities		15,210		—		(115	)		15,095
Corporate debt securities		31,730		—		(209	)		31,521
	$	280,652	$	1	$	(945	)	$	279,708


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term investments:
U.S. Treasury securities	$	95,550	$	72	$	(13	)	$	95,609
Commercial paper		137,101		22		(19	)		137,104
Corporate debt securities		25,680		18		(37	)		25,661
Long-term investments:
U.S. Treasury securities		73,072		—		(60	)		73,012
Corporate debt securities		75,192		—		(211	)		74,981
	$	406,595	$	112	$	(340	)	$	406,367

Certain short-term debt securities with original maturities of less than 90 days are included in cash and cash equivalents on the condensed consolidated balance sheets and are not included in the tables above. As of June 30, 2026 and December 31, 2025, all short-term investments had contractual maturities within one year.

The aggregate fair value of available-for-sale securities held by the Company that were in an unrealized loss position for less than 12 months as of June 30, 2026 was $269.5 million and the unrealized loss associated with available-for-sale securities was $0.9 million. There were no available-for-sale securities in a continuous unrealized loss position for greater than 12 months. The Company evaluated its securities for potential impairment and considered the decline in market value to be primarily attributable to current economic and market conditions. Additionally, the Company does not intend to sell the investments that are in an unrealized loss position and does not expect it will be required to sell the investments before recovery of their amortized cost bases, which may be at the time of maturity. Given the Company's intent and ability to hold such investments until the recovery of their amortized cost basis, and the lack of a significant change in credit risk for these investments, the Company does not consider these investments to be impaired and there were no allowances for credit losses as of June 30, 2026 or December 31, 2025.