CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

3 Months Ended

Mar. 31, 2025

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

The following table summarizes our cash, cash equivalents and short-term investments:


	March 31, 2025								December 31, 2024
			Gross Unrealized								Gross Unrealized
(in thousands)	Amortized Cost		Gains		Losses		Fair Value		Amortized Cost		Gains		Losses		Fair Value
Cash and cash equivalents
Cash	$	8,318	$	—	$	—	$	8,318	$	16,282	$	—	$	—	$	16,282
Money market funds	22,490		—		—		22,490		48,650		—		—		48,650
Total cash and cash equivalents	30,808		—		—		30,808		64,932		—		—		64,932
Short-term investments
U.S. treasury securities	$	72,431	$	43	$	(3)	$	72,471	$	79,720	$	58	$	(5)	$	79,773
U.S. government-sponsored agency bonds	41,852		4		(26)		41,830		45,960		29		(27)		45,962
Commercial paper	33,026		2		(3)		33,025		37,061		19		(15)		37,065
Corporate bonds	28,077		7		(2)		28,082		17,415		4		(6)		17,413
Asset-backed securities	5,752		—		(3)		5,749		2,983		2		—		2,985
Yankee bonds	1,988		—		(1)		1,987		1,972		—		(2)		1,970
Total short-term investments	183,126		56		(38)		183,144		185,111		112		(55)		185,168
Total cash, cash equivalents and investments	$	213,934	$	56	$	(38)	$	213,952	$	250,043	$	112	$	(55)	$	250,100

Realized gains or losses have not been significant and are included in other income, net, in the condensed statements of operations and comprehensive loss.

Unrealized losses as of March 31, 2025 and December 31, 2024 were not material. We determined that none of our available-for-sale securities were other-than-temporarily impaired as of March 31, 2025 and December 31, 2024, and no investment was in a continuous unrealized loss position for more than one year. Therefore, we believe that it is more likely than not that the investments will be held until maturity or a forecasted recovery of fair value.

Based on our procedures under the expected credit loss model, including an assessment of unrealized losses in our portfolio, we concluded that any unrealized losses on our marketable securities were not attributable to credit and, therefore, we have not recorded an allowance for credit losses for these securities as of March 31, 2025 and December 31, 2024.

See “Cash and Cash Equivalents” and “Short-Term Investments” captions of Note 2. Summary of Significant Accounting Policies of our 2024 Form 10-K for more information on our accounting policies for cash, cash equivalents and short-term investments.