Investments

9 Months Ended

Sep. 30, 2025

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):


	September 30, 2025				December 31, 2024
	Available-for-Sale Investments				Available-for-Sale Investments
	Amortized Cost Basis		Aggregate Fair Value		Amortized Cost Basis		Aggregate Fair Value
Due in one year or less(1)	$	249,469	$	249,572	$	165,466	$	165,662
Due after one year through five years		26,192		26,226		5,498		5,482
Total	$	275,661	$	275,798	$	170,964	$	171,144

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(1)

The investments due in one year or less include cash equivalents of $116.9 million as of September 30, 2025 and $14.7 million as of December 31, 2024.

The fair value of the Investments are disclosed below (dollars in thousands):


	September 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	$	114,932		$	—	$	—		$	114,932
Commercial bonds and paper	Level 2		47,763			56		(1	)		47,818
U.S. Treasury securities	Level 2		112,966			90		(8	)		113,048
Total cash equivalents and investments			275,661			146		(9	)		275,798
Less: cash equivalents			(116,929	)		—		—			(116,929	)
Total Investments		$	158,732		$	146	$	(9	)	$	158,869


	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 September 30, 2025 and December 31, 2024, there was $1.5 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 December 31, 2024 in the condensed consolidated balance sheets. In September 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. As of December 31, 2024, the fair value of the Company's investment in Thirona was $6.3 million. In September 2025, Thirona initiated a cessation of operations following recent clinical trial results. The Company deemed this to be other-than-temporary and determined its available-for-sale investment in Thirona to be fully impaired and recognized a $6.6 million impairment loss, inclusive of the write off of previously recorded unrealized gains of $1.3 million, representing the fair value at the time. The Company also wrote off approximately $1.1 million of interest receivable on the Thirona convertible notes. The impairment was recorded in other income (expense) in the Company's condensed consolidated statements of operations.