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Marketable Securities | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | Marketable Securities Fair Values and Gross Unrealized Gains and Losses on Investments The following table summarizes adjusted cost, gross unrealized gains and losses, and fair value by significant investment category. The Company’s U.S. treasury, corporate debt, and commercial paper investments with original maturities greater than 90 days are classified as held-to-maturity investments, and money market funds, U.S. treasury, corporate debt, and commercial paper investments with original maturities of 90 days or less are classified as cash equivalents on its condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024, respectively. See additional information on the Company’s investments in Note 5—Fair Value Measurements.
| Amortized Cost |  | Gross Unrealized |  | Fair Value |  | Net Carrying Value
|  | Gains |  | Losses |  |
As of March 31, 2025 | (in thousands)
Cash equivalents |  |  |  |  |  |  |  |  |
Money market funds | $ | 19,182 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,182 |  |  | $ | 19,182 |
U.S. treasury securities | 998 |  |  | 1 |  |  | — |  |  | 999 |  |  | 998 |
Corporate debt securities | 997 |  |  | — |  |  | (1) |  |  | 996 |  |  | 997 |
Total cash equivalents | $ | 21,177 |  |  | $ | 1 |  |  | $ | (1) |  |  | $ | 21,177 |  |  | $ | 21,177 |
Investments |  |  |  |  |  |  |  |  |
U.S. treasury securities | $ | 4,972 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 4,975 |  |  | $ | 4,972 |
Corporate debt securities | 7,654 |  |  | — |  |  | — |  |  | 7,654 |  |  | 7,654 |
Total investments | $ | 12,626 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 12,629 |  |  | $ | 12,626 |
| Amortized Cost |  | Gross Unrealized |  | Fair Value |  | Net Carrying Value
|  | Gains |  | Losses |  |
As of December 31, 2024 | (in thousands)
Investments |  |  |  |  |  |  |  |  |
Commercial paper | $ | 9,139 |  |  | $ | — |  |  | $ | (2) |  |  | $ | 9,137 |  |  | $ | 9,139 |
Total investments | $ | 9,139 |  |  | $ | — |  |  | $ | (2) |  |  | $ | 9,137 |  |  | $ | 9,139 |
Scheduled Maturities The amortized cost and fair value of the Company’s U.S. treasury, corporate debt and commercial paper investments as of March 31, 2025 and December 31, 2024, by contractual maturity, are shown below.
As of March 31, 2025 | Amortized Cost |  | Fair Value
| (in thousands)
Within one year | $ | 14,621 |  |  | $ | 14,624 |
After one year through five years | — |  |  | — |
After 5 years through 10 years | — |  |  | — |
After 10 years | — |  |  | — |
Total investments | $ | 14,621 |  |  | $ | 14,624 |
As of December 31, 2024 | Amortized Cost |  | Fair Value
| (in thousands)
Within one year | $ | 9,139 |  |  | $ | 9,137 |
After one year through five years | — |  |  | — |
After 5 years through 10 years | — |  |  | — |
After 10 years | — |  |  | — |
Total investments | $ | 9,139 |  |  | $ | 9,137 |
Aging of Unrealized Losses For those securities in an unrealized loss position, the length of time the securities were in such a position is presented in the tables below.
| Less than 12 Months |  |
As of March 31, 2025 | # of Securities |  | Fair Value |  | Unrealized Losses |  |  |  |  |  |
| (dollars in thousands)
Cash equivalents |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | 1 |  |  | $ | 996 |  |  | $ | (1) |  |  |  |  |  |  |
Total | 1 |  |  | $ | 996 |  |  | $ | (1) |  |  |  |  |  |  |
| Less than 12 Months |  |
As of December 31, 2024 | # of Securities |  | Fair Value |  | Unrealized Losses |  |  |  |  |  |
| (dollars in thousands)
Investments |  |  |  |  |  |  |  |  |  |  |
Commercial paper | 3 |  |  | $ | 9,137 |  |  | $ | (2) |  |  |  |  |  |  |
Total | 3 |  |  | $ | 9,137 |  |  | $ | (2) |  |  |  |  |  |  |

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