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Available-For-Sale Debt Securities | 6 Months Ended
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Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Available-For-Sale Debt Securities | Note 4. Available-For-Sale Debt Securities The following table summarizes the Company’s available-for-sale debt securities as of June 30, 2025 (in thousands).
| June 30, 2025
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
U.S. government securities | $ | 7,164 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,164 |
U.S. government agency securities | 28,691 |  |  | 6 |  |  | (28) |  |  | 28,669 |
Corporate debt securities | 27,242 |  |  | 38 |  |  | — |  |  | 27,280 |
Commercial paper | 50,516 |  |  | 2 |  |  | (8) |  |  | 50,510 |
Total | $ | 113,613 |  |  | $ | 46 |  |  | $ | (36) |  |  | $ | 113,623 |
The following table summarizes the Company’s available-for-sale debt securities as of December 31, 2024 (in thousands).
| December 31, 2024
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
U.S. government securities | $ | 18,047 |  |  | $ | 14 |  |  | $ | — |  |  | $ | 18,061 |
U.S. government agency securities | 13,598 |  |  | — |  |  | (4) |  |  | 13,594 |
Corporate debt securities | 31,551 |  |  | 44 |  |  | (2) |  |  | 31,593 |
Commercial paper | 48,145 |  |  | 42 |  |  | (2) |  |  | 48,185 |
Total | $ | 111,341 |  |  | $ | 100 |  |  | $ | (8) |  |  | $ | 111,433 |
There was an immaterial realized loss related to available-for-sale debt securities for the three and six months ended June 30, 2025. As of June 30, 2025, the fair value of the Company’s available-for-sale debt securities with contractual maturity of one year or less from the condensed consolidated balance sheet date was $75.2 million. As of June 30, 2025, the gross unrealized losses that have been in a continuous unrealized loss position for less than 12 months were immaterial, which were related to $61.8 million of available-for-sale debt securities. There were no gross unrealized losses that have been in a continuous unrealized loss position for more than 12 months. The Company did not recognize any credit losses related to the Company’s debt securities during the three and six months ended June 30, 2025. Unrealized losses related to available-for-sale debt securities are due to interest rate fluctuations as opposed to credit quality. The Company does not intend to sell these investments. In addition, it is more likely than not that the Company will not be required to sell them before recovery of the amortized cost basis, which may be at maturity.

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