Marketable Debt Securities

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

4. Marketable Debt Securities

Marketable debt securities, all of which were classified as available-for-sale, consist of the following (in thousands):


	March 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
Marketable debt securities
U.S. Treasury securities	$	92,624	$	53	$	(4	)	$	92,673
Total	$	92,624	$	53	$	(4	)	$	92,673

	December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
Marketable debt securities
U.S. Treasury securities	$	107,288	$	170	$	—		$	107,458
Total	$	107,288	$	170	$	—		$	107,458

As of March 31, 2025, the remaining contractual terms of the U.S. Treasury securities were less than 12 months.

To date, the Company has not recognized any allowances for credit losses or impairments in relation to its marketable securities as these securities are comprised of high credit quality, investment grade securities that the Company does not intend or expect to be required to sell prior to their anticipated recovery, and the decline in fair value of these securities is attributable to factors other than credit losses.

Interest and investment income consists of the following (in thousands):


	Three Months Ended March 31,
	2025		2024
Interest income	$	84	$	262
Accretion of discount, net		1,157		1,288
Total interest and investment income	$	1,241	$	1,550