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Marketable Securities and Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Marketable Securities and Fair Value Measurements Marketable Securities and Fair Value Measurements
Marketable Securities

Marketable securities, classified as available-for-sale, consisted of the following (in thousands):
As of December 31, 2024As of December 31, 2023
 Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Corporate securities$52,311 $102 $(12)$52,401 $15,393 $2 $(2)$15,393 
U.S. Treasury and agency securities47,865 163 — 48,028 39,963 6 (32)39,937 
Commercial paper— — — — 998 — — 998 
Debt securities$100,176 $265 $(12)100,429 $56,354 $8 $(34)56,328 
Publicly held equity securities— 5,728 
Total marketable securities$100,429 $62,056 

During the years ended December 31, 2024 and 2023, the Company did not reclassify any amount to earnings from accumulated other comprehensive income (loss) related to unrealized gains or losses. During the year ended December 31, 2023, the Company sold certain debt securities at a loss and realized a $0.3 million loss.

The Company anticipates that it will recover the entire amortized cost basis of its available-for-sale marketable securities and has determined that no allowance for credit losses was required to be recognized during the years ended December 31, 2024 and 2023.

The following table summarizes the cost and estimated fair value of debt securities based on stated effective maturities as of December 31, 2024 (in thousands):
 Amortized CostFair Value
Less than 1 year$81,548 $81,682 
Mature in 1 - 3 years18,628 18,747 
Total$100,176 $100,429 

All available-for-sale securities are classified as current because they are available for use in current operations.
Marketable securities in an unrealized loss position consisted of the following (in thousands):
Less Than 12 Months12 Months or MoreTotal
As of December 31, 2024Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Corporate securities$12,516 $(12)$— $— $12,516 $(12)
Total$12,516 $(12)$— $— $12,516 $(12)
Less Than 12 Months12 Months or MoreTotal
As of December 31, 2023Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Corporate securities$9,418 $(2)$— $— $9,418 $(2)
U.S. Treasury and agency securities24,304 (32)— — 24,304 (32)
Total$33,722 $(34)$— $— $33,722 $(34)

Based on evaluation of securities that have been in a continuous loss position, the Company determined all gross unrealized losses on its marketable securities as of December 31, 2024 were temporary in nature and related primarily to interest rate shifts rather than changes in the underlying credit quality of the securities in a loss position. The Company has the ability to hold these investments until maturity, or for at least the foreseeable future. As such, the Company determined that as of December 31, 2024, there were no credit losses on any securities within its portfolio of marketable securities.

Fair Value Measurements

The following is a summary of the Company’s cash, cash equivalents and marketable securities. The Company records cash and cash equivalents at cost, which approximates fair value. Marketable securities are measured at fair value on a recurring basis (in thousands):
 As of December 31, 2024As of December 31, 2023
 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash$89,195 $— $— $89,195 $52,451 $— $— $52,451 
Cash equivalents5,934 — — 5,934 44,793 — — 44,793 
Corporate securities— 52,401 — 52,401 — 15,393 — 15,393 
U.S. Treasury and agency securities38,025 10,003 — 48,028 12,701 27,236 — 39,937 
Commercial paper— — — — — 998 — 998 
$133,154 $62,404 $— 195,558 $109,945 $43,627 $— 153,572 
Publicly held equity securities - Level 1— 5,728 
Total$195,558 $159,300 

There were no transfers between Level 1 and Level 2 fair value measurement categories during the years ended December 31, 2024 and 2023.