Investments in Marketable Securities

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

4. Investments in Marketable Securities

All of the Company’s debt securities are classified as available-for-sale. The Company’s cash equivalents and investments as of March 31, 2025 and December 31, 2024 consisted of the following:


		March 31, 2025
(In thousands)	Fair Value Level	Amortized cost (1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash Equivalents		Short-term investments
Money market funds	1	$	25,840	$	—	$	—	$	25,840	$	25,840	$	—
U.S. Treasuries	2	24,124		2		(3)		24,123		17,415		6,708
Commercial paper	2	15,830		—		(9)		15,821		7,959		7,862
U.S. Corporate bonds	2	5,003		—		(6)		4,997		—		4,997
Total cash equivalents and investments		$	70,797	$	2	$	(18)	$	70,781	$	51,214	$	19,567


		December 31, 2024
(In thousands)	Fair Value Level	Amortized cost (1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash Equivalents		Short-term investments
Money market funds	1	$	30,754	$	—	$	—	$	30,754	$	30,754	$	—
U.S. Treasuries	2	35,129		16		—		35,145		6,932		28,213
U.S. Government bonds	2	5,475		9		—		5,484		—		5,484
Commercial paper	2	11,949		—		(6)		11,943		9,958		1,985
U.S. Corporate bonds	2	42,526		63		—		42,589		1,236		41,353
Total cash equivalents and investments		$	125,833	$	88	$	(6)	$	125,915	$	48,880	$	77,035

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(1) The amortized cost of debt securities excludes accrued interest of $0.1 million and $0.7 million, respectively, recorded within prepaid expenses and other current assets in the condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024.

During the three months ended March 31, 2025, proceeds from the sales of securities were $22.5 million, which included gross realized gains of approximately $0.1 million, which were released from other comprehensive loss and recorded within interest income and other income, net in the Company’s condensed consolidated statement of operations for the period. The gross realized gains and losses were determined using the specific identification method.

As of March 31, 2025, all of the Company’s available-for-sale securities with a fair value of $70.8 million mature within one year.

As of March 31, 2025 and December 31, 2024, the Company’s investments have been in an immaterial gross unrealized loss position for less than 12 months. As such, no allowance for credit losses was recorded for these securities as of March 31, 2025 and December 31, 2024.