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Investments | 6 Months Ended
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Jun. 30, 2025
Schedule of Investments [Abstract] |
Investments | 2. Investments Cash Equivalents — Cash equivalents consist of highly liquid investments with original maturities of 90 days or less at the time of purchase that are readily convertible into cash. Available-for-Sale Investments Portfolio —The Company's investments portfolio consists of highly liquid money market funds, commercial bonds and paper, and U.S. Treasury securities (collectively, the "Investments") for which the Company has accounted for as available-for-sale effective October 1, 2024. The contractual maturities of the Investments are summarized below (in thousands):
|  | June 30, 2025 |  |  | December 31, 2024 |
|  | Available-for-Sale Investments |  |  | Held-to-Maturity Investments |
|  | Amortized Cost Basis |  |  | Aggregate Fair Value |  |  | Amortized Cost Basis |  |  | Aggregate Fair Value |
Due in one year or less(1) |  | $ | 144,549 |  |  | $ | 144,531 |  |  | $ | 165,466 |  |  | $ | 165,662 |
Due after one year through five years |  |  | 22,234 |  |  |  | 22,240 |  |  |  | 5,498 |  |  |  | 5,482 |
Total |  | $ | 166,783 |  |  | $ | 166,771 |  |  | $ | 170,964 |  |  | $ | 171,144 |
___________________________ (1) The investments due in one year or less include cash equivalents of $22.6 million as of June 30, 2025 and $14.7 million as of December 31, 2024. The fair value of the Investments are disclosed below (dollars in thousands):
|  | June 30, 2025 |
Available-for-Sale Investments |  | Investment Level |  | Amortized Cost (Carrying Value) |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Estimated Fair Value |
Money market funds and other |  | Level 1 |  | $ | 22,552 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,552 |
Commercial bonds and paper |  | Level 2 |  |  | 52,818 |  |  |  | 25 |  |  |  | (21 | ) |  |  | 52,822 |
U.S. Treasury securities |  | Level 2 |  |  | 91,413 |  |  |  | 22 |  |  |  | (38 | ) |  |  | 91,397 |
Total cash equivalents and investments |  |  |  |  | 166,783 |  |  |  | 47 |  |  |  | (59 | ) |  |  | 166,771 |
Less: cash equivalents |  |  |  |  | (22,552 | ) |  |  | — |  |  |  | — |  |  |  | (22,552 | )
Total Investments |  |  |  | $ | 144,231 |  |  | $ | 47 |  |  | $ | (59 | ) |  | $ | 144,219 |
|  | December 31, 2024 |
Available-for-Sale Investments |  | Investment Level |  | Amortized Cost (Carrying Value) |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Estimated Fair Value |
Money market funds |  | Level 1 |  | $ | 14,745 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,745 |
Commercial bonds and paper |  | Level 2 |  |  | 44,145 |  |  |  | 49 |  |  |  | (24 | ) |  |  | 44,170 |
U.S. Treasury securities |  | Level 2 |  |  | 112,074 |  |  |  | 184 |  |  |  | (29 | ) |  |  | 112,229 |
Total cash equivalents and investments |  |  |  |  | 170,964 |  |  |  | 233 |  |  |  | (53 | ) |  |  | 171,144 |
Less: cash equivalents |  |  |  |  | (14,745 | ) |  |  | — |  |  |  | — |  |  |  | (14,745 | )
Total Investments |  |  |  | $ | 156,219 |  |  | $ | 233 |  |  | $ | (53 | ) |  | $ | 156,399 |
As of June 30, 2025 and December 31, 2024, there was $0.9 million and $1.0 million, respectively, of accrued interest receivable on investments which is included in prepaid expense and other current assets in our condensed consolidated balance sheets. Available-for-Sale Investment — Thirona — In June 2021, the Company purchased a $3.0 million convertible promissory note issued by Thirona. In January 2022, the Company purchased an additional $5.0 million convertible promissory note issued by Thirona (the "Thirona convertible notes"). The Thirona convertible notes are general unsecured obligations of Thirona and initially accrued interest at a rate of 6% per annum. Unless earlier converted into conversion shares pursuant to the note purchase agreement, the aggregate principal of $8.0 million and accrued interest shall be due and payable by Thirona on demand by the Company at any time after the maturity date. The Thirona convertible notes were amended in February 2023 to extend the maturity date from December 31, 2022 to June 30, 2024, and again on June 27, 2024 to extend the maturity date to June 30, 2026 and increase the interest rate to 10% per annum. The Thirona convertible notes were included in prepaid expense and other current assets as of June 30, 2025 and December 31, 2024 in the condensed consolidated balance sheets. The Company evaluates the fair value of its investment in Thirona by applying a scenario based model with hypothetical yield of 38.0% and 28.0%, and volatility of 70.0% as of June 30, 2025 and December 31, 2024, respectively. As of June 30, 2025 and December 31, 2024, the fair value of the Company's investment in Thirona was $6.6 million and $6.3 million, respectively. For the three and six months ended June 30, 2025, the Company recorded an unrealized holding gain of $0.2 million and $0.3 million, respectively. For the three and six months ended June 30, 2024, the Company recognized a loss of $1.6 million on its investment in Thirona as a result of modification of the Thirona convertible notes. No interest income on the Company's investment in Thirona was recognized for the three and six months ended June 30, 2025 or 2024.

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