Cash Equivalents and Marketable Securities

3 Months Ended

Mar. 31, 2025

Cash Equivalents and Marketable Securities [Abstract]

Cash Equivalents and Marketable Securities

3. Cash Equivalents and Marketable Securities

The following tables summarize the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category for the periods indicated:


	March 31, 2025
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	76,347	$	—	$	—		$	76,347
Total cash equivalents	$	76,347	$	—	$	—		$	76,347
Marketable securities:
Commercial paper		80,630		4		(7	)		80,627
Certificates of deposit		607		—		—			607
U.S. government securities		26,969		1		—			26,970
Corporate debt securities		14,290		2		(3	)		14,289
Total marketable securities		122,496		7		(10	)		122,493
Total cash equivalents and marketable securities	$	198,843	$	7	$	(10	)	$	198,840


	December 31, 2024
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	94,411	$	—	$	—		$	94,411
Commercial paper		30,875		6		—			30,881
Total cash equivalents	$	125,286	$	6	$	—		$	125,292
Marketable securities:
Commercial paper	$	61,374	$	11	$	(2	)	$	61,383
Certificates of deposit	$	1,918	$	—	$	—		$	1,918
U.S. government securities		74,411		36		(3	)		74,444
Corporate debt securities		27,671		17		(3	)		27,685
Total marketable securities		165,374		64		(8	)		165,430
Total cash equivalents and marketable securities	$	290,660	$	70	$	(8	)	$	290,722

As of March 31, 2025, the Company has not realized any material gains or losses on its marketable securities, including any impairment charges on its securities related to expected credit losses. As of March 31, 2025, the aggregate difference between the amortized cost and fair value of each security in an unrealized loss position was de minimis. Since any provision for expected credit losses for a security held is limited to the amount the fair value is less than its amortized cost, no allowance for expected credit loss was deemed necessary at March 31, 2025 (see Note 4).