Marketable securities

12 Months Ended

Dec. 31, 2025

Marketable securities at December 31, 2025 consisted of the following (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities, current:
Corporate debt securities	$	131,038	$	50	$	(37)	$	131,051
U.S. Treasury securities	28,107		26		(2)		28,131
U.S. government debt securities	14,756		—		(4)		14,752
Marketable securities, non-current
Corporate debt securities	45,544		33		(14)		45,563
U.S. government debt securities	2,002		—		(1)		2,001
U.S. Treasury securities	$	1,000	$	—	$	(1)	$	999
Total marketable securities, current and non-current	$	222,447	$	109	$	(59)	$	222,497

Marketable securities at December 31, 2024 consisted of the following (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities, current:
Corporate debt securities	$	164,469	$	189	$	(85)	$	164,573
U.S. Treasury securities	18,291		12		(1)		18,302
U.S. government debt securities	6,527		4		—		6,531
Marketable securities, non-current
Corporate debt securities	22,424		12		(78)		22,358


Total marketable securities, current and non-current	$	211,711	$	217	$	(164)	$	211,764

Marketable securities classified as current have maturities of less than one year. Marketable securities classified as non-current are those that: (i) have a maturity of greater than one year, and (ii) the Company does not intend to liquidate within

the next twelve months, although these funds are available for use and, therefore, are classified as available-for-sale. No available-for-sale debt securities held as of December 31, 2025 or December 31, 2024 had remaining maturities greater than five years.

Marketable securities in unrealized loss positions as of December 31, 2025 consisted of the following (in thousands, except number of securities):


	Number of Securities	Fair Value		Gross Unrealized Losses
Marketable securities in continuous unrealized loss position for less than 12 months:
Corporate debt securities	46	$	80,929	$	(50)
U.S. government debt securities	14	19,753		(5)
U.S. Treasury securities	5	7,502		(3)
Marketable securities in continuous unrealized loss position for greater than 12 months:
Corporate debt securities	3	3,746		(1)


Total marketable securities in unrealized loss position	68	$	111,930	$	(59)

Marketable securities in unrealized loss positions as of December 31, 2024 consisted of the following (in thousands, except number of securities):


	Number of Securities	Fair Value		Gross Unrealized Losses
Marketable securities in continuous unrealized loss position for less than 12 months:
Corporate debt securities	41	$	62,447	$	(163)
U.S. Treasury securities	2	2,981		(1)
U.S. government debt securities	1	1,986		—




Total marketable securities in unrealized loss position	44	$	67,414	$	(164)

Based on factors such as historical experience, market data, issuer-specific factors, and current economic conditions, the Company did not record an allowance for credit losses at December 31, 2025 and 2024, related to these securities.