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Cash Equivalents and Marketable Securities

6 Months Ended

Jun. 30, 2025

Cash equivalents and Marketable Securities [Abstract]

Cash Equivalents and Marketable Securities

4. Cash Equivalents and Marketable Securities

The following tables summarize the cash equivalents and marketable securities, which are classified as available-for-sale as of June 30, 2025 and December 31, 2024 (in thousands):

	June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash equivalents
Money market funds	$	20,931	$	—	$	—		$	20,931
U.S. treasury securities		6,951		1		—			6,952
Commercial papers		35,412		—		(7	)		35,405
Total cash equivalents		63,294		1		(7	)		63,288
Marketable securities
Marketable securities, current
U.S. treasury securities		203,839		14		(47	)		203,806
U.S. government agency securities		14,188		—		(5	)		14,183
Commercial papers		5,394		—		(3	)		5,391
Corporate debt securities		39,630		9		(9	)		39,630
Total marketable securities, current		263,051		23		(64	)		263,010
Marketable securities, long-term
U.S. treasury securities		18,589		19		—			18,608
U.S. government agency securities		4,444		2		(1	)		4,445
Total marketable securities, long-term		23,033		21		(1	)		23,053
Total cash equivalents and marketable securities	$	349,378	$	45	$	(72	)	$	349,351

	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash equivalents
Money market funds	$	6,350	$	—	$	—		$	6,350
U.S. treasury securities		19,656		4		—			19,660
U.S. government agency securities		3,988		—		—			3,988
Commercial papers		22,180		—		(3	)		22,177
Total cash equivalents		52,174		4		(3	)		52,175
Marketable securities
Marketable securities, current
U.S. treasury securities		190,748		55		(11	)		190,792
U.S. government agency securities		12,967		1		(2	)		12,966
Commercial papers		34,808		3		—			34,811
Corporate debt securities		75,537		7		(40	)		75,504
Total marketable securities, current		314,060		66		(53	)		314,073
Marketable securities, long-term
U.S. treasury securities		13,639		—		(32	)		13,607
U.S. government agency securities		4,485		—		(23	)		4,462
Total marketable securities, long-term		18,124		—		(55	)		18,069
Total cash equivalents and marketable securities	$	384,358	$	70	$	(111	)	$	384,317

The following table summarizes the available-for-sale securities in an unrealized loss position, aggregated by major security type and length of time in a continuous unrealized loss position, for which an allowance for credit losses was not recorded as of June 30, 2025 and December 31, 2024 (in thousands):

	June 30, 2025
	Less than 12 months					12 months or longer				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Cash equivalents
Commercial papers	$	35,405	$	(7	)	$	—	$	—	$	35,405	$	(7	)
Marketable securities
Marketable securities, current
U.S. treasury securities		148,432		(47	)		—		—		148,432		(47	)
U.S. government agency securities		14,183		(5	)		—		—		14,183		(5	)
Commercial papers		5,391		(3	)		—		—		5,391		(3	)
Corporate debt securities		26,193		(9	)		—		—		26,193		(9	)
Marketable securities, long-term
U.S. treasury securities		1,038		(1	)		—		—		1,038		(1	)
Total	$	230,642	$	(72	)	$	—	$	—	$	230,642	$	(72	)

	December 31, 2024
	Less than 12 months					12 months or longer				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Cash equivalents
Commercial papers	$	18,199	$	(3	)	$	—	$	—	$	18,199	$	(3	)
Marketable securities
Marketable securities, current
U.S. treasury securities		49,904		(11	)		—		—		49,904		(11	)
U.S. government agency securities		4,713		(2	)		—		—		4,713		(2	)
Corporate debt securities		39,468		(40	)		—		—		39,468		(40	)
Marketable securities, long-term
U.S. treasury securities		13,607		(32	)		—		—		13,607		(32	)
U.S. government agency securities		4,462		(23	)		—		—		4,462		(23	)
Total	$	130,353	$	(111	)	$	—	$	—	$	130,353	$	(111	)

The Company evaluated its securities for credit losses and considered the decline in market value to be primarily attributable to current economic and market conditions and not to a credit loss or other factors. Additionally, the Company does not intend to sell the securities in an unrealized loss position and it is not more likely than not that the Company will be required to sell the securities before recovery of the unamortized cost basis, which may be at maturity. There were no material realized gains or realized losses on marketable securities for the periods presented. Given the Company’s intent and ability to hold such securities until recovery, and the lack of significant change in credit risk of these investments, the Company does not consider these marketable securities to be impaired as of June 30, 2025 and December 31, 2024. As of June 30, 2025 and December 31, 2024, the Company did not record an allowance for credit losses.

The following table summarizes the contractual maturities of the Company’s marketable securities at estimated fair value (in thousands):

	June 30, 2025		December 31, 2024
Due in one year or less	$	263,010	$	314,073
Due in 1-2 years		23,053		18,069
Total	$	286,063	$	332,142