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Investments in marketable securities
 9 Months Ended
Sep. 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 September 30, 2025(in thousands)
Cash equivalents
Money market funds$7,838 $— $— $7,838 
Total$7,838 $— $— $7,838 
Investments in marketable short-term securities
US corporate bonds$3,059 $3 $— $3,062 
US treasury bills37,981 31 (1)38,011 
US government bonds30,197 27 (3)30,221 
Total$71,237 $61 $(4)$71,294 
 
(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 bills55,467 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 $71.3 million of short-term marketable securities held by the Company as of September 30, 2025 is less than one year. As of September 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 September 30, 2025 and December 31, 2024, the Company had 8 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’ securities 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 securities. The fair value is expected to recover as the securities approach maturity.

Accrued interest receivable on investments in marketable securities of $0.3 million at September 30, 2025 and December 31, 2024 is included in prepaid expenses and other current assets.

The Company had realized gains of less than $0.1 million during both the three and nine months ended September 30, 2025 and 2024.
See Note 3 for additional information regarding the fair value of the Company’s investments in marketable securities.