The following table summarizes the investments at March 31, 2026 (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
As of March 31, 2026
Maturities < 1 Year
Corporate bonds	$	21,607	$	3	$	(18	)	$	21,592
U.S. treasury bill		985		—		—			985
Total short-term investments	$	22,592	$	3	$	(18	)	$	22,577

Maturities > 1 Year
Corporate bonds	$	13,153	$	—	$	(66	)	$	13,087
Total investments	$	13,153	$	—	$	(66	)	$	13,087

As of December 31, 2025
Maturities < 1 Year
Corporate bonds	$	18,772	$	19	$	(3	)	$	18,788
Total short-term investments	$	18,772	$	19	$	(3	)	$	18,788

Maturities > 1 Year
Corporate bonds	$	16,247	$	3	$	(11	)	$	16,239
Total investments	$	16,247	$	3	$	(11	)	$	16,239

The Company carries investments at amortized cost. As of March 31, 2026 and December 31, 2025, the fair value of the corporate bonds and U.S. treasury bill totals $35.7 million and $35.0 million, respectively, which is determined based on “Level 2” inputs, which consist of quoted prices for similar assets in active markets. The Company has evaluated the unrealized loss position in the corporate and agency bonds as of the balance sheet dates and did not consider it to be indicative of an other-than-temporary impairment as the securities are highly-rated and the Company expects to realize the full principal amount at maturity. As of March 31, 2026, the corporate bonds maintain credit ratings of A- and higher.