CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

9 Months Ended

Sep. 30, 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:


	September 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	$	9,155	$	—	$	—	$	9,155	$	16,282	$	—	$	—	$	16,282
Money market funds	33,560		—		—		33,560		48,650		—		—		48,650
Total cash and cash equivalents	42,715		—		—		42,715		64,932		—		—		64,932
Short-term investments
U.S. treasury securities	$	98,808	$	66	$	(2)	$	98,872	$	79,720	$	58	$	(5)	$	79,773
U.S. government-sponsored agency bonds	27,100		32		—		27,132		45,960		29		(27)		45,962
Commercial paper	48,744		12		(7)		48,749		37,061		19		(15)		37,065
Corporate bonds	22,462		23		—		22,485		17,415		4		(6)		17,413
Asset-backed securities	2,752		—		—		2,752		2,983		2		—		2,985
Yankee bonds	—		—		—		—		1,972		—		(2)		1,970
Total short-term investments	199,866		133		(9)		199,990		185,111		112		(55)		185,168
Total cash, cash equivalents and investments	$	242,581	$	133	$	(9)	$	242,705	$	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 September 30, 2025 and December 31, 2024 were not material. All of the short-term available-for-sale securities held as of September 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 September 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 September 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.