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Short-Term Investments
 6 Months Ended
Jun. 30, 2025
Short-Term Investments [Abstract]  
Short-Term Investments

5. Short-Term Investments

The following is a summary of our short-term investments (in thousands):

 

 

 

June 30, 2025

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

U.S. Treasury bills and government agency obligations

 

$

14,656

 

 

$

—

 

 

$

(1

)

 

$

14,655

 

U.S. corporate debt securities

 

 

4,969

 

 

 

1

 

 

 

—

 

 

 

4,970

 

Foreign corporate debt securities

 

 

1,817

 

 

 

1

 

 

 

—

 

 

 

1,818

 

U.S. commercial paper

 

 

696

 

 

 

—

 

 

 

(1

)

 

 

695

 

Foreign commercial paper

 

 

1,980

 

 

 

—

 

 

 

(1

)

 

 

1,979

 

Total

 

$

24,118

 

 

$

2

 

 

$

(3

)

 

$

24,117

 

 

 

 

December 31, 2024

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

U.S. Treasury bills and government agency obligations

 

$

14,860

 

 

$

8

 

 

$

—

 

 

$

14,868

 

U.S. corporate debt securities

 

 

11,699

 

 

 

3

 

 

 

—

 

 

 

11,702

 

Foreign corporate debt securities

 

 

5,911

 

 

 

2

 

 

 

—

 

 

 

5,913

 

Foreign commercial paper

 

 

998

 

 

 

—

 

 

 

—

 

 

 

998

 

Total

 

$

33,468

 

 

$

13

 

 

$

—

 

 

$

33,481

 

The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. We regularly monitor and evaluate the realizable value of our marketable securities. We did not recognize any impairment losses during the three and six months ended June 30, 2025 and 2024.

Unrealized gains and losses associated with our investments are reported in accumulated other comprehensive (loss) income. Realized gains and losses associated with our investments, if any, are reported in the statements of operations and comprehensive (loss) income. We did not recognize any realized gains or losses during the three and six months ended June 30, 2025 and 2024.