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Short-Term Investments

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Short-Term Investments

Note 7.  Short-Term Investments

Marketable Securities

The following table provides amortized costs, gross unrealized gains and losses, and fair values for the Company’s investments in available-for-sale U.S. treasury securities as of September 30, 2025 and December 31, 2024, which have maturity dates that range from 2 months to 11 months and 0 month to 10 months, respectively. Fair value was determined using market prices obtained from third-party sources. Realized gains or losses were insignificant for the three and nine months ended September 30, 2025 and 2024.

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​	​	​	​	​	​	​	​	​	​	​	​
September 30, 2025	​	​	​	Gross		​	Gross		​	​	​
(in thousands)	Amortized Cost			Unrealized Gains			Unrealized Losses			Fair Value
U.S. treasury securities	$	177,388	​	$	171	​	$	—	​	$	177,559
Total short-term marketable securities	$	177,388	​	$	171	​	$	—	​	$	177,559
​	​	​	​	​	​	​	​	​	​	​	​
December 31, 2024	​	​	​	Gross		​	Gross		​	​	​
(in thousands)	Amortized Cost			Unrealized Gains			Unrealized Losses			Fair Value
U.S. treasury securities	$	132,615	​	$	167	​	$	—	​	$	132,782
Total short-term marketable securities	$	132,615	​	$	167	​	$	—	​	$	132,782

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The Company has $1.2 million and $1.0 million marketable equity securities as of September 30, 2025 and December 31, 2024, respectively, with an initial cost of $0.5 million. Total unrealized gain of $0.7 million and $0.5 million is recorded under miscellaneous (expense) income, net in the condensed consolidated statements of operations and comprehensive loss for the periods ended September 30, 2025 and December 31, 2024, respectively.

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

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