Financial Instruments

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

The following is a summary of available-for-sale marketable securities, as of September 30, 2025 and December 31, 2024, respectively (in thousands):


	September 30, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Marketable securities:
Corporate securities (1)	$	47,459	$	130	$	(3)	$	47,586
U.S. agency securities	3,090		—		—		3,090
Total Marketable securities	$	50,549	$	130	$	(3)	$	50,676
(1)Comprised primarily of corporate bonds


	December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value



Marketable securities:
Corporate securities (1)	$	43,008	$	9	$	(74)	$	42,943
U.S. agency securities	3,097		—		(4)		3,093
Total Marketable securities	$	46,105	$	9	$	(78)	$	46,036
(1)Comprised primarily of corporate bonds

As of September 30, 2025, the fair values of available-for-sale marketable securities, by remaining contractual maturity, were as follows (in thousands):


Due within one year	$	33,903
Due in one to five years	16,773
Total	$	50,676

The Company typically invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss. The Company’s investment policy generally requires securities to be investment grade and limits the amount of credit exposure to any one issuer. Fair values were determined for each individual security in the investment portfolio.

The Company does not believe that any unrealized losses are attributable to credit-related factors based on its evaluation of available evidence. To determine whether a decline in value is related to credit loss, the Company evaluates, among other factors: the extent to which the fair value is less than the amortized cost basis, changes to the rating of the security by a rating agency and any adverse conditions specifically related to an issuer of a security or its industry. The Company does not intend to sell the instruments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity. Unrealized gains and losses on marketable securities are presented net of tax.