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CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | 6 Months Ended
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Jun. 30, 2025
Cash and Cash Equivalents [Abstract] |
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS The following table summarizes our cash, cash equivalents and short-term investments:
| June 30, 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 | $ | 17,669 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,669 |  |  | $ | 16,282 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,282 |
Money market funds | 72,376 |  |  | — |  |  | — |  |  | 72,376 |  |  | 48,650 |  |  | — |  |  | — |  |  | 48,650 |
Total cash and cash equivalents | 90,045 |  |  | — |  |  | — |  |  | 90,045 |  |  | 64,932 |  |  | — |  |  | — |  |  | 64,932 |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities | $ | 57,724 |  |  | $ | 6 |  |  | $ | (14) |  |  | $ | 57,716 |  |  | $ | 79,720 |  |  | $ | 58 |  |  | $ | (5) |  |  | $ | 79,773 |
U.S. government-sponsored agency bonds | 37,404 |  |  | — |  |  | (23) |  |  | 37,381 |  |  | 45,960 |  |  | 29 |  |  | (27) |  |  | 45,962 |
Commercial paper | 26,681 |  |  | — |  |  | (8) |  |  | 26,673 |  |  | 37,061 |  |  | 19 |  |  | (15) |  |  | 37,065 |
Corporate bonds | 20,880 |  |  | 5 |  |  | (3) |  |  | 20,882 |  |  | 17,415 |  |  | 4 |  |  | (6) |  |  | 17,413 |
Asset-backed securities | 5,756 |  |  | — |  |  | (1) |  |  | 5,755 |  |  | 2,983 |  |  | 2 |  |  | — |  |  | 2,985 |
Yankee bonds | — |  |  | — |  |  | — |  |  | — |  |  | 1,972 |  |  | — |  |  | (2) |  |  | 1,970 |
Total short-term investments | 148,445 |  |  | 11 |  |  | (49) |  |  | 148,407 |  |  | 185,111 |  |  | 112 |  |  | (55) |  |  | 185,168 |
Total cash, cash equivalents and investments | $ | 238,490 |  |  | $ | 11 |  |  | $ | (49) |  |  | $ | 238,452 |  |  | $ | 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 June 30, 2025 and December 31, 2024 were not material. All of the short-term available-for-sale securities held as of June 30, 2025 and December 31, 2024 had contractual maturities of less than one year. We determined that none of our available-for-sale securities were other-than-temporarily impaired as of June 30, 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 June 30, 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.

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- Definition The entire disclosure of cash, cash equivalent, and short-term investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent + Details
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