The following represents a summary of the estimated fair value of short-term and long-term investments at September 30, 2026 and December 31, 2025:


	Fair Value Measurements at
	September 30, 2026
	Amortized		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair Value
	(in thousands)
Short-term investments
U.S. Treasury securities	$	159,069		—	$	(416	)	$	158,653
Long-term investments
U.S. Treasury securities		133,897		—		(461	)		133,436
Total	$	292,966	$	—	$	(877	)	$	292,089


	Fair Value Measurements at
	December 31, 2025
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
	(in thousands)
Short-term investments
U.S. Treasury securities	$	187,167	$	382	$	—	$	187,549
Long-term investments
U.S. Treasury securities		45,411		20		—		45,431
Total	$	232,578	$	402	$	—	$	232,980

As of September 30, 2026, all available-for-sale debt securities in an unrealized loss position had been in a continuous unrealized loss position for less than 12 months. There were no available-for-sale debt securities in an unrealized loss position as of December 31, 2025. The Company did not record an allowance for credit losses on its available-for-sale debt securities because the unrealized losses were primarily attributable to changes in market interest rates and not credit deterioration. The Company does not intend to sell these securities and expects to hold them until recovery of their amortized cost bases upon maturity.

The following represents the contractual maturities of available-for-sale debt securities as of September 30, 2026:


	Fair Value Measurements at
	September 30, 2026
	Years to Maturity
	Within One		One to Two		More Than Two		Estimated
	Year		Years		Years		Fair Value
	(in thousands)
U.S. Treasury securities	$	158,653	$	133,436	$	—	$	292,089
Total	$	158,653	$	133,436	$	—	$	292,089