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Marketable Securities | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | Marketable Securities The following is a summary of available-for-sale securities, which are carried at fair value, as of December 31, 2024 (in thousands):
| Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized (Losses) |  | Estimated Fair Value
Balance as of December 31, 2024 |  |  |  |  |  |  |
Corporate debt securities | $ | 500 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 499 |
Total | $ | 500 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 499 |
The Company did not have any marketable securities classified as available-for-sale as of September 30, 2025. The following is a summary of held-to-maturity securities, which are carried at amortized cost, as of December 31, 2024 and September 30, 2025 (in thousands):
| Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized (Losses) |  | Estimated Fair Value
Balance as of December 31, 2024 |  |  |  |  |  |  |
Term deposits | $ | 21,653 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,653 |
U.S. treasury securities | 19,778 |  |  | 18 |  |  | — |  |  | 19,796 |
Corporate debt securities | 20,000 |  |  | — |  |  | (26) |  |  | 19,974 |
Total | $ | 61,431 |  |  | $ | 18 |  |  | $ | (26) |  |  | $ | 61,423 |
Balance as of September 30, 2025 |  |  |  |  |  |  |
Term deposits | $ | 16,206 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,206 |
U.S. treasury securities | 9,972 |  |  | 33 |  |  | — |  |  | 10,005 |
Corporate debt securities | 5,000 |  |  | 42 |  |  | — |  |  | 5,042 |
Total | $ | 31,178 |  |  | $ | 75 |  |  | $ | — |  |  | $ | 31,253 |
The unrealized gains and losses on the Company’s investments in marketable securities as of December 31, 2024 and September 30, 2025 were caused by changes in market values primarily due to interest rate changes. As of September 30, 2025, there were no securities which were in an unrealized loss position for a period longer than twelve months. The Company does not intend to sell these securities, and it is not more likely than not that the Company will be required to sell these securities prior to the recovery of their amortized cost basis, which may be at maturity. As such, no impairment charges were recorded during the three and nine months ended September 30, 2024 and 2025. The Company has no allowance for credit losses related to its marketable securities as all investments are in investment grade securities. The following table summarizes the maturities of the Company’s marketable securities as of December 31, 2024 and September 30, 2025 (in thousands):
| December 31, 2024 |  | September 30, 2025
| Available-for-sale securities |  | Held-to-maturity securities |  | Available-for-sale securities |  | Held-to-maturity securities
Due within one year | $ | 499 |  |  | $ | 46,450 |  |  | $ | — |  |  | $ | 21,189 |
Due after one year through five years | — |  |  | 14,981 |  |  | — |  |  | 9,989 |
Total | $ | 499 |  |  | $ | 61,431 |  |  | $ | — |  |  | $ | 31,178 |
The following table summarizes the purchases of and proceeds from marketable securities for the nine months ended September 30, 2024 and 2025 (in thousands):
|  |  | For the nine months ended September 30,
|  |  |  |  | 2024 |  | 2025
Purchases of marketable securities |  |  |  |  |  |  |
Purchases of held-to-maturity securities |  |  |  |  | $ | 14,720 |  |  | $ | 25,804 |
Total purchases of marketable securities |  |  |  |  | $ | 14,720 |  |  | $ | 25,804 |
Proceeds from marketable securities |  |  |  |  |  |  |
Maturities of available-for-sale securities |  |  |  |  | $ | 11,305 |  |  | $ | 500 |
Maturities of held-to-maturity securities |  |  |  |  | 18,220 |  |  | 57,075 |
Total proceeds from marketable securities |  |  |  |  | $ | 29,525 |  |  | $ | 57,575 |
The Company did not sell any available-for-sale or held-to-maturity securities during the three and nine months ended September 30, 2024 and 2025. The Company did not record any gross realized gains or losses in net income during the three and nine months ended September 30, 2024 and 2025.

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