Investments consist of the following (in thousands):


			Gross Unrealized
					Losses
	Amortized				Less than			Greater than		Estimated
September 30, 2026	Cost		Gains		One Year			One Year		Fair Value
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	65,556	$	5	$	(149	)	$	—	$	65,412
Corporate debt securities		58,885		2		(149	)		—		58,738
Total short-term investments		124,441		7		(298	)		—		124,150
Long-term investments:
Available-for-sale securities:
U.S. government and agency debt securities		11,953		—		(155	)		—		11,798
Corporate debt securities		20,399		—		(232	)		—		20,167
		32,352		—		(387	)		—		31,965
Held-to-maturity securities:
Certificates of deposit		145		—		—			—		145
Total long-term investments		32,497		—		(387	)		—		32,110
Total investments	$	156,938	$	7	$	(685	)	$	—	$	156,260

December 31, 2025
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	101,033	$	338	$	—		$	—	$	101,371
Corporate debt securities		97,740		534		—			—		98,274
Total short-term investments		198,773		872		—			—		199,645
Long-term investments:
Held-to-maturity securities:
Certificates of deposit		145		—		—			—		145
Total long-term investments		145		—		—			—		145
Total investments	$	198,918	$	872	$	—		$	—	$	199,790

At September 30, 2026, the Company’s investments in corporate debt securities had a minimum rating of A3 (Moody’s)/A (Standard and Poor’s), and 85 of the Company’s 99 investment securities were in an unrealized loss position with an aggregate estimated fair value of $140.1 million. The primary reason these securities were in an unrealized loss position is that they are fixed-rate securities that were acquired in a rising interest rate environment. In making the determination whether the decline in fair value of these securities was temporary, the Company evaluated whether it intended to sell the security and whether it was more likely than not that the Company would be required to sell the security before recovering its amortized cost basis. The Company has the intent and ability to hold these investments until recovery, which may be at maturity. During the nine months ended September 30, 2026, the Company realized a $0.5 million credit loss related to one of its corporate debt securities. Such loss was recorded within “Other (expense) income, net” in the accompanying condensed consolidated statements of operations and comprehensive (loss) income.