Marketable securities consisted of the following (in thousands):


	June 30, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Government agencies	$	256,282	$	—	$	(278	)	$	256,004
Total	$	256,282	$	—	$	(278	)	$	256,004


	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Government agencies		84,638		88		—		$	84,726
Total	$	84,638	$	88	$	—		$	84,726

As of June 30, 2026, the current credit ratings of the Company's investments are all within the guidelines of the investment policy of the Company, and the Company does not expect the issuers to settle any security at a price less than the amortized cost basis of the investment. The Company does not intend to sell the investments, and it is not probable that the Company will be required to sell the investments before recovery of their amortized cost basis.

As of June 30, 2026, ten marketable securities with a contractual maturity of one year or less were in an unrealized loss position totaling $0.1 million. In addition, nine marketable securities with a contractual maturity between one and two years were in an unrealized loss position totaling $0.2 million.

As of June 30, 2025, one marketable security with contractual maturity of one year or less was in an unrealized loss position totaling $0.01 million, and all marketable securities held by the Company had remaining contractual maturities of one year or less.

There were no impairments of the Company’s marketable securities measured and carried at fair value during the six months ended June 30, 2026 and 2025.