The following tables summarize the amortized cost and estimated fair value of the Company’s available-for-sale investments as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term investments:
U.S. Treasury securities	$	83,733	$	106	$	(1	)	$	83,838
U.S. government-sponsored enterprise securities		10,003		8		—			10,011
Long-term investments:
U.S. Treasury securities		5,109		—		(1	)		5,108
	$	98,845	$	114	$	(2	)	$	98,957


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Short-term investments:
U.S. Treasury securities	$	129,294	$	436	$	—	$	129,730
U.S. government-sponsored enterprise securities		9,926		6		—		9,932
Long-term investments:
U.S. Treasury securities		5,084		5		—		5,089
	$	144,304	$	447	$	—	$	144,751

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 September 30, 2025 and December 31, 2024, all short-term investments had contractual maturities within one year. As of September 30, 2025 and December 31, 2024, all long-term investments had contractual maturities between one to two years.

The aggregate fair value of available-for-sale securities held by the Company in an unrealized loss position for less than 12 months as of September 30, 2025 was $10.1 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 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 maturity. Given the Company’s intent and ability to hold such investments until recovery, 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 are no allowances for credit losses as of September 30, 2025.