Investments

9 Months Ended

Sep. 30, 2025

Cash and Cash Equivalents [Abstract]

Cash equivalents and marketable securities are classified as available-for-sale and are recorded at fair value on the condensed consolidated balance sheets, with any unrealized gains and losses reported in accumulated

other comprehensive loss, which is reflected as a separate component of stockholders’ equity on the Company’s condensed consolidated balance sheets, until realized. The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company considers all marketable securities to be current assets as they are available for use in current operations.

The amortized cost and fair value of investments are as follows (in thousands):



	September 30, 2025
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair market value
Assets
Money market funds	$	192	$	—	$	—	$	192

U.S. treasuries	142,849		164		(14)		142,999
Total	$	143,041	$	164	$	(14)	$	143,191
Classified as:
Cash equivalents							$	192
Marketable securities							142,999

Total							$	143,191



	December 31, 2024
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair market value
Assets
Money market funds	$	2,134	$	—	$	—	$	2,134

U.S. treasuries	71,151		61		—		71,212
Total	$	73,285	$	61	$	—	$	73,346
Classified as:
Cash equivalents							$	2,134
Marketable securities							71,212

Total							$	73,346

Proceeds from maturities of available-for-sale securities were $39.0 million and $65.2 million for the three and nine months ended September 30, 2025, respectively. Proceeds from maturities of available-for-sale securities were $43.0 million and $132.1 million for the three and nine months ended September 30, 2024, respectively. As of September 30, 2025, the Company held $32.6 million of marketable securities with a remaining maturity of greater than one year. There were no realized gains or losses on securities for the three and nine months ended September 30, 2025 and 2024. Unrealized gains and losses on securities were primarily due to changes in interest rates.