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Investments in marketable securities | 6 Months Ended
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Jun. 30, 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 June 30, 2025 | (in thousands)
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 30,400 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,400 |
Total | $ | 30,400 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,400 |
Investments in marketable short-term securities |  |  |  |  |  |  |
US corporate bonds | $ | 11,300 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 11,309 |
US treasury bills | 47,128 |  |  | — |  |  | (10) |  |  | 47,118 |
US government bonds | 2,250 |  |  | — |  |  | (1) |  |  | 2,249 |
Total | $ | 60,678 |  |  | $ | 9 |  |  | $ | (11) |  |  | $ | 60,676 |
(1) Gross unrealized gain (loss) is pre-tax and is reported in accumulated other comprehensive income (loss).
| Amortized Cost |  | Gross Unrealized Gain(1) |  | Gross Unrealized Loss(1) |  | Fair Value
As of December 31, 2024 | (in thousands)
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 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 income (loss). The contractual term to maturity of the $60.7 million of short-term marketable securities held by the Company as of June 30, 2025 is less than one year. As of June 30, 2025, the Company held no long-term marketable securities. 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. At June 30, 2025 and December 31, 2024, the Company had 20 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 $0.1 million and $0.3 million at June 30, 2025 and December 31, 2024, respectively, is included in prepaid expenses and other current assets. The Company had zero realized gains for the three and six months ended June 30, 2025 and less than $0.1 million realized gains for both the three and six months ended June 30, 2024. See Note 3 for additional information regarding the fair value of the Company’s investments in marketable securities.

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