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Investments in marketable securities | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments in marketable securities | Investments in marketable securities Investments in marketable securities consisted of the following:
| Amortized Cost |  | Gross Unrealized Gain(1) |  | Gross Unrealized Loss(1) |  | Fair Value
As of March 31, 2025 | (in thousands)
Cash equivalents |  |  |  |  |  |  |
Money market | $ | 23,890 |  |  | $ | — |  |  | $ | — |  |  | $ | 23,890 |
US treasury bills | $ | 2,487 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,487 |
Total | $ | 26,377 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,377 |
Investments in marketable short-term securities |  |  |  |  |  |  |
US corporate bonds | 19,141 |  |  | 22 |  |  | (3) |  |  | 19,160 |
US treasury bills | 56,470 |  |  | 3 |  |  | (2) |  |  | 56,471 |
Total | $ | 75,611 |  |  | $ | 25 |  |  | $ | (5) |  |  | $ | 75,631 |
(1) Gross unrealized gain (loss) is pre-tax and is reported in accumulated other comprehensive loss.
| Amortized Cost |  | Gross Unrealized Gain(1) |  | Gross Unrealized Loss(1) |  | Fair Value
As of December 31, 2024 | (in thousands)
Cash equivalents |  |  |  |  |  |  |
Money market fund | $ | 29,533 |  |  | $ | — |  |  | $ | — |  |  | $ | 29,533 |
Total | $ | 29,533 |  |  | $ | — |  |  | $ | — |  |  | $ | 29,533 |
Investments in marketable short-term securities |  |  |  |  |  |  |
US corporate bonds | 30,776 |  |  | 27 |  |  | (6) |  |  | 30,797 |
US treasury bills | 55,467 |  |  | 29 |  |  | — |  |  | 55,496 |
Total | $ | 86,243 |  |  | $ | 56 |  |  | $ | (6) |  |  | $ | 86,293 |
(1) Gross unrealized gain (loss) is pre-tax and is reported in accumulated other comprehensive loss. The contractual term to maturity of the $75.6 million of short-term marketable securities held by the Company as of March 31, 2025 is less than one year. As of March 31, 2025, the Company held no long-term marketable securities with contractual maturities of more than one year, but less than five years. As of December 31, 2024, the Company’s $86.3 million of short-term marketable securities had contractual maturities of less than one year, while the Company held no long-term marketable securities with maturities of more than one year, but less than five years. At March 31, 2025 and December 31, 2024, the Company had 14 and 6, respectively, available-for-sale investment debt securities in an unrealized loss position without an allowance for credit losses. Unrealized losses on the Company’s investments in debt securities have not been recognized into income as the issuers’ bonds are of high credit quality and the decline in fair value is largely due to market conditions and/or changes in interest rates. The Company does not intend to sell and it is more likely than not that the Company will not be required to sell the securities prior to the anticipated recovery of their amortized cost basis. The issuers continue to make timely interest payments on the bonds. The fair value is expected to recover as the bonds approach maturity. Accrued interest receivable on investments in marketable securities of $0.2 million at both March 31, 2025 and December 31, 2024 is included in prepaid expenses and other current assets. The Company had zero realized gain for the three months ended March 31, 2025 and less than $0.1 million realized gains for the three months ended March 31, 2024, respectively. See Note 3 for additional information regarding the fair value of the Company’s investments in marketable securities.

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