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Marketable Securities | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | Marketable Securities The Company invests in short-term and long-term agency, municipal, corporate and other debt securities. The securities are categorized as available-for-sale and are recorded at fair value. The following table summarizes information regarding the Company’s short-term and long-term marketable securities as of March 31, 2025 and December 31, 2024:
| March 31, 2025
(in thousands) | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
U.S. government agency securities | $ | 5,325 |  |  | $ | — |  |  | $ | (4) |  |  | $ | 5,321 |
Corporate debt securities | 15,882 |  |  | — |  |  | (38) |  |  | 15,844 |
U.S. municipal securities | 11,425 |  |  | 13 |  |  | (26) |  |  | 11,412 |
U.S. treasury bonds | 1,000 |  |  | 2 |  |  | — |  |  | 1,002 |
Total marketable securities | $ | 33,632 |  |  | $ | 15 |  |  | $ | (68) |  |  | $ | 33,579 |
| December 31, 2024
(in thousands) | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
U.S. government agency securities | $ | 8,323 |  |  | $ | — |  |  | $ | (22) |  |  | $ | 8,301 |
Corporate debt securities | 15,852 |  |  | — |  |  | (82) |  |  | 15,770 |
U.S. municipal securities | 6,762 |  |  | — |  |  | (38) |  |  | 6,724 |
U.S. treasury bonds | 1,000 |  |  | — |  |  | (3) |  |  | 997 |
Total marketable securities | $ | 31,937 |  |  | $ | — |  |  | $ | (145) |  |  | $ | 31,792 |
Fair values for the corporate debt securities are primarily determined based on quoted market prices (Level 1). Fair values for the U.S. municipal securities, U.S. government agency securities, certificates of deposit and U.S. treasury securities are primarily determined using dealer quotes or quoted market prices for similar securities (Level 2). Classification of marketable securities as current or non-current is based upon the security’s maturity date as of the date of these financial statements. The March 31, 2025 balance of available-for-sale debt securities by contractual maturity is shown in the following table at fair value. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.
(in thousands) | March 31, 2025
Due in one year or less | $ | 14,154 |
Due after one year through five years | 19,425 |
Total marketable securities | $ | 33,579 |

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- Definition The entire disclosure for 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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
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