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v3.25.1

Investments | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | 6. Investments Available-for-sale investments consisted of the following as of March 31, 2025 and December 31, 2024 (in thousands):
|  | March 31, 2025 |
|  | Amortized Cost |  |  | Unrealized Gain |  |  | Unrealized Loss |  |  | Estimated Fair Value |
Short-term marketable securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. government treasury securities |  | $ | 127,134 |  |  | $ | 68 |  |  | $ | (42 | ) |  | $ | 127,160 |
Corporate bonds |  |  | 15,610 |  |  |  | 8 |  |  |  | — |  |  |  | 15,618 |
Total short-term marketable securities |  | $ | 142,744 |  |  | $ | 76 |  |  | $ | (42 | ) |  | $ | 142,778 |
Long-term marketable securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. government treasury securities |  | $ | 33,957 |  |  | $ | 89 |  |  | $ | (1 | ) |  | $ | 34,045 |
Corporate bonds |  |  | 5,298 |  |  |  | 12 |  |  |  | — |  |  |  | 5,310 |
Total long-term marketable securities |  | $ | 39,255 |  |  | $ | 101 |  |  | $ | (1 | ) |  | $ | 39,355 |
|  | December 31, 2024 |
|  | Amortized Cost |  |  | Unrealized Gain |  |  | Unrealized Loss |  |  | Estimated Fair Value |
Short-term marketable securities |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 2,476 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 2,479 |
U.S. government treasury securities |  |  | 153,353 |  |  |  | 211 |  |  |  | (43 | ) |  |  | 153,521 |
Corporate bonds |  |  | 18,357 |  |  |  | 19 |  |  |  | (2 | ) |  |  | 18,374 |
Total short-term marketable securities |  | $ | 174,186 |  |  | $ | 233 |  |  | $ | (45 | ) |  | $ | 174,374 |
Long-term marketable securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. government treasury securities |  | $ | 33,682 |  |  | $ | 27 |  |  | $ | (49 | ) |  | $ | 33,660 |
Total long-term marketable securities |  | $ | 33,682 |  |  | $ | 27 |  |  | $ | (49 | ) |  | $ | 33,660 |
All the U.S. government treasury securities, corporate bonds and commercial paper designated as short-term marketable securities have an effective maturity date that is equal to or less than one year from the respective condensed consolidated balance sheet date. Those that are designated as long-term marketable securities have an effective maturity date that is more than one year from the respective condensed consolidated balance sheet date. Accrued interest receivable is excluded from the amortized cost and estimated fair value of our marketable securities. Accrued interest receivable of $1.5 million and $1.3 million was presented separately within the prepaid expenses and other current assets balance on the unaudited condensed consolidated balance sheet as of March 31, 2025 and on the condensed consolidated balance sheet as of December 31, 2024, respectively. The following table presents the gross unrealized holding losses and fair values for investments in an unrealized loss position, and the length of time individual securities have been in a continuous loss position, as of March 31, 2025 (in thousands):
|  | Less Than 12 Months |  |  | 12 Months Or Greater |
|  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
U.S. government treasury securities |  | $ | 51,178 |  |  | $ | (43 | ) |  | $ | — |  |  | $ | — |
Total available-for-sale securities |  | $ | 51,178 |  |  | $ | (43 | ) |  | $ | — |  |  | $ | — |
We periodically review our available-for-sale securities to assess for credit impairment. Some of the factors considered in assessing impairment include the extent to which the fair value is less than the amortized cost basis, adverse conditions related to the security, an industry or geographic area, changes to security ratings or sector credit ratings and other relevant market data. As of March 31, 2025, we did not intend, nor were we more likely than not to be required, to sell our available-for-sale investments before the recovery of their amortized cost basis, which may be maturity. Based on our assessment, we concluded all impairment as of March 31, 2025 to be due to factors other than credit loss, such as changes in interest rates. A credit allowance was not recognized and the impairment of our available-for-sale securities was recorded in other comprehensive loss.

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