The amortized cost, gross unrealized gains, gross unrealized losses, and fair value of the Company’s marketable securities by major security type were as follows (in thousands):


	As of December 31, 2025
	Amortized cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	12,875	$	2	$	—	$	12,877
U.S. Treasuries	29,572		78		—		29,650
U.S. Government agency bonds	13,588		7		(1)		13,594
Corporate bonds	32,279		13		(20)		32,272
Total marketable securities	$	88,314	$	100	$	(21)	$	88,393


	As of December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	1,494	$	—	$	—	$	1,494
U.S. Treasuries	61,891		19		(53)		61,857
U.S. Government agency bonds	93,987		89		(98)		93,978
Corporate bonds	74,937		148		(1)		75,084
Total marketable securities	$	232,309	$	256	$	(152)	$	232,413

The following table shows the fair value and gross unrealized losses of the Company’s marketable securities aggregated by major security type and length of time that the individual securities have been in a continuous unrealized loss position (in thousands):


	Less Than 12 Months				Greater Than 12 Months
As of December 31, 2025	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Government agency bonds	$	450	$	—	$	3,589	$	(1)
Corporate bonds	19,759		(20)		—		—
Total	$	20,209	$	(20)	$	3,589	$	(1)


	Less Than 12 Months
As of December 31, 2024	Fair Value		Unrealized Losses
U.S. Treasuries	$	35,085	$	(53)
U.S. Government agency bonds	32,148		(98)
Corporate bonds	7,415		(1)
Total	$	74,648	$	(152)

As of December 31, 2024, the Company did not have any individual securities in a continuous loss position for greater than 12 months, and there were no individual securities that were in a significant unrealized loss position. For marketable securities in an unrealized loss position, the Company does not intend to sell them, it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost bases, and the unrealized losses are not credit related.

During the year ended December 31, 2025, the Company sold $35.9 million of marketable securities. Realized gains related to the sale were not material. The Company did not sell any marketable securities or record any realized gains or losses for the year ended December 31, 2024 and 2023. Additionally, the Company has not recorded any impairment losses or a credit loss allowance on its marketable securities.

At December 31, 2025 and 2024, the Company had $0.7 million and $1.6 million of accrued interest receivable on its marketable securities, respectively.

The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands):


	As of December 31, 2025				As of December 31, 2024
	Amortized cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	71,054	$	71,141	$	197,141	$	197,306
Due in one to two years	17,260		17,252		35,168		35,107
Total marketable securities	$	88,314	$	88,393	$	232,309	$	232,413