Marketable Securities

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

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)