The amortized cost and fair value of our available-for-sale debt securities by type of security as of September 30, 2026 are as follows:


(in thousands)	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Money market funds	Level 1	$	22,582	$	—	$	—	$	22,582
U.S. treasury securities	Level 1	705,197		2		(2,558)		702,641
U.S. government agency securities	Level 2	70,977		—		(495)		70,482

The amortized cost and fair value of our available-for-sale debt securities by type of security as of December 31, 2025 are as follows:


(in thousands)	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Money market funds	Level 1	$	12,204	$	—	$	—	$	12,204
U.S. treasury securities	Level 1	78,268		46		—		78,314
U.S. government agency securities	Level 2	49,767		15		(1)		49,781

There were no transfers between levels within the fair value hierarchy during the periods presented.

The fair values of available-for-sale debt securities, by classification, included in the condensed consolidated balance sheets as of September 30, 2026 and December 31, 2025 are as follows:


(in thousands)	As of September 30, 2026		As of December 31, 2025
Cash and cash equivalents	$	129,511	$	20,203
Marketable securities	666,194		120,097

As of September 30, 2026 and December 31, 2025, the amounts shown for marketable securities on our condensed consolidated balance sheets are inclusive of $4.7 million and $0.9 million of earned interest receivable, respectively.

The amortized cost and fair value of available-for-sale debt securities as of September 30, 2026 and December 31, 2025, by contractual maturity, are summarized as follows:


	As of September 30, 2026				As of December 31, 2025
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	581,693	$	580,628	$	114,003	$	114,047
Due in one year through five years	217,063		215,077		26,237		26,253
Total	$	798,756	$	795,705	$	140,240	$	140,300

The aggregate fair value of available-for-sale debt securities in an unrealized loss position as of September 30, 2026 and December 31, 2025 was $770.2 million and $9.6 million, respectively. The Company had no realized gains or losses during the nine months ended September 30, 2026 or 2025. As of September 30, 2026 and December 31, 2025, the Company believes that the cost basis of our available-for-sale debt securities is recoverable and no allowance for credit losses was recorded.