Marketable Securities

6 Months Ended

Jun. 30, 2026

3. Marketable Securities

Marketable securities consisted of available-for-sale securities as follows (in thousands):


	As of June 30, 2026
								Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gain		Loss			Value
Short-term marketable securities:
Corporate bonds	$	46,720	$	41	$	—		$	46,761
U.S. Treasury securities		88,313		—		(51	)		88,262
U.S. government agency debt securities		4,000		—		(7	)		3,993
Total short-term marketable securities	$	139,033	$	41	$	(58	)	$	139,016
Long-term marketable securities:
Corporate bonds	$	31,168	$	14	$	—		$	31,182
U.S. Treasury securities		21,981		—		(59	)		21,922
U.S. government agency debt securities		2,999		—		(5	)		2,994
Total long-term marketable securities	$	56,148	$	14	$	(64	)	$	56,098


	As of December 31, 2025
							Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gain		Loss		Value
Short-term marketable securities:
Corporate bonds	$	31,874	$	102	$	—	$	31,976
U.S. Treasury securities		33,296		123		—		33,419
Total short-term marketable securities	$	65,170	$	225	$	—	$	65,395
Long-term marketable securities:
Corporate bonds	$	50,341	$	177	$	—	$	50,518
U.S. Treasury securities		6,022		32		—		6,054
U.S. government agency debt securities		2,999		1		—		3,000
Total long-term marketable securities	$	59,362	$	210	$	—	$	59,572

The Company had no realized gains or losses recognized on the sale or maturity of marketable securities during the three and six months ended June 30, 2026 and 2025. To date, the Company has not recognized any allowances for credit losses or impairments in relation to its available-for-sale marketable securities as these marketable securities are comprised of high credit quality, investment grade securities that the Company does not intend or expect to be required to sell prior to their anticipated recovery, and any decline in fair value of these securities is attributable to factors other than credit losses. All marketable securities with unrealized losses presented in the previous tables have been in a continuous unrealized loss position for less than 12 months or the loss is not material. The Company determined credit losses related to marketable securities were immaterial for the three and six months ended June 30, 2026 and 2025.

As of June 30, 2026, the Company’s long-term marketable securities have contractual maturity dates between one and two years.