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Marketable Securities | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | 4. Marketable Securities The fair value of the Company’s marketable securities as of September 30, 2025 and December 31, 2024 is based on Level 1 and Level 2 inputs. The Company’s investments consist mainly of U.S. government and agency securities. Fair value is determined by taking into consideration valuations obtained from third-party pricing services. The third-party pricing services utilize industry standard valuation models, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities; issuer credit spreads; benchmark securities; and other observable inputs. There were no transfers between levels within the fair value hierarchy during each of the nine months ended September 30, 2025 and 2024. The Company has assessed U.S. government treasuries as Level 1 and all other marketable securities as Level 2 within the fair value hierarchy of ASC 820. The Company classifies its entire investment portfolio as available-for-sale as defined in ASC 320, Debt Securities, and views all investments as available for use in its current operations. The Company has therefore classified all securities as current, even if it does not necessarily intend to dispose of the securities in the following year. Securities are carried at fair value with the unrealized (losses) gains reported in other comprehensive (loss) income. As of September 30, 2025 and December 31, 2024, none of the Company’s investments were determined to be other than temporarily impaired. The following table summarizes the Company’s investments (in thousands):
|  |  |  | September 30, 2025 |
|  | Balance Sheet Classification |  | Amortized Cost |  |  | Unrealized Gain |  |  | Unrealized (Loss) |  |  | Estimated Fair Value |
Government and agency securities |  | Marketable securities |  |  | 168,394 |  |  |  | 155 |  |  |  | (1 | ) |  |  | 168,548 |
Total |  |  |  | $ | 168,394 |  |  | $ | 155 |  |  | $ | (1 | ) |  | $ | 168,548 |
|  |  |  | December 31, 2024 |
|  | Balance Sheet Classification |  | Amortized Cost |  |  | Unrealized Gain |  |  | Unrealized (Loss) |  |  | Estimated Fair Value |
Government and agency securities |  | Cash equivalents |  | $ | 9,989 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 9,990 |
Government and agency securities |  | Marketable securities |  |  | 212,744 |  |  |  | 107 |  |  |  | (53 | ) |  |  | 212,798 |
Total |  |  |  | $ | 222,733 |  |  | $ | 108 |  |  | $ | (53 | ) |  | $ | 222,788 |
The fair values of available-for-sale debt securities as of September 30, 2025, by contractual maturity, are summarized as follows (in thousands):
|  | September 30, 2025 |
Due in one year or less |  | $ | 167,033 |
Due after one year |  |  | 1,515 |
Total |  | $ | 168,548 |

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