As of September 30, 2025 and December 31, 2024, the Company had cash and cash equivalents of $58.9 million and $115.5 million, respectively. Additionally, as of December 31, 2024, the Company had marketable securities of $28.9 million. The Company had a restricted cash balance of $1.7 million and $2.0 million as of September 30, 2025 and December 31, 2024, respectively, which was primarily restricted for a letter of credit. See Note 7, Leases, for additional information regarding the letter of credit.

Cash and cash equivalents are carried at cost, which approximates fair market value. Marketable securities are classified as available for sale and are recorded at fair value with the related unrealized gains and losses included in accumulated other comprehensive gain (loss), a component of equity. All of the realized gains and losses on the sale of these marketable securities are determined using the specific identification method. There were no realized gains or losses as of September 30, 2025 or December 31, 2024. Aggregated by investment category, there were no marketable securities in an unrealized loss position as of September 30, 2025 or December 31, 2024.

Marketable securities, all of which had maturities of less than one year, consisted of the following:


	December 31, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Marketable securities:
U.S. government agency and treasury securities	$	28,903	$	20	$	—	$	28,923
Total marketable securities	$	28,903	$	20	$	—	$	28,923