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Cash, Cash Equivalents and Marketable Securities | 12 Months Ended
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Dec. 31, 2024
Cash and Cash Equivalents [Abstract] |
Cash, Cash Equivalents and Marketable Securities | 3. Cash, Cash Equivalents and Marketable Securities The Company has classified its marketable securities as available-for-sale. The Company’s cash, cash equivalents and marketable securities by major security type as of December 31, 2024 and 2023 were as follows (in thousands):
|  | December 31, 2024 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 1,983 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,983 |
Money market funds |  |  | 2,060 |  |  |  | — |  |  |  | — |  |  |  | 2,060 |
Total cash and cash equivalents |  |  | 4,043 |  |  |  | — |  |  |  | — |  |  |  | 4,043 |
Current marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | 1,449 |  |  |  | — |  |  |  | (3 | ) |  |  | 1,446 |
Corporate debt securities |  |  | 26,701 |  |  |  | 84 |  |  |  | – |  |  |  | 26,785 |
U.S. federal agency securities |  |  | 9,453 |  |  |  | 8 |  |  |  | (2 | ) |  |  | 9,459 |
U.S. government securities |  |  | 4,502 |  |  |  | 1 |  |  |  | – |  |  |  | 4,503 |
Total current marketable securities |  |  | 42,105 |  |  |  | 93 |  |  |  | (5 | ) |  |  | 42,193 |
Long-term marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  |  | 16,066 |  |  |  | 36 |  |  |  | (5 | ) |  |  | 16,097 |
Municipal debt securities |  |  | 3,072 |  |  |  | — |  |  |  | — |  |  |  | 3,072 |
U.S. federal agency securities |  |  | 2,863 |  |  |  | — |  |  |  | (59 | ) |  |  | 2,804 |
Total long-term marketable securities |  |  | 22,001 |  |  |  | 36 |  |  |  | (64 | ) |  |  | 21,973 |
Total cash, cash equivalents and marketable securities |  | $ | 68,149 |  |  | $ | 129 |  |  | $ | (69 | ) |  | $ | 68,209 |
|  | December 31, 2023 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 2,608 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,608 |
Money market funds |  |  | 1,272 |  |  |  | — |  |  |  | — |  |  |  | 1,272 |
Total cash and cash equivalents |  |  | 3,880 |  |  |  | — |  |  |  | — |  |  |  | 3,880 |
Current marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | 11,769 |  |  |  | 6 |  |  |  | (2 | ) |  |  | 11,773 |
Corporate debt securities |  |  | 1,155 |  |  |  | — |  |  |  | (2 | ) |  |  | 1,153 |
U.S. federal agency securities |  |  | 19,644 |  |  |  | — |  |  |  | (102 | ) |  |  | 19,542 |
U.S. government securities |  |  | 12,812 |  |  |  | — |  |  |  | (81 | ) |  |  | 12,731 |
Total current marketable securities |  |  | 45,380 |  |  |  | 6 |  |  |  | (187 | ) |  |  | 45,199 |
Long-term marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. federal agency securities |  |  | 9,406 |  |  |  | 27 |  |  |  | (17 | ) |  |  | 9,416 |
U.S. government securities |  |  | 4,388 |  |  |  | 3 |  |  |  | (5 | ) |  |  | 4,386 |
Corporate debt securities |  |  | 16,880 |  |  |  | 159 |  |  |  | — |  |  |  | 17,039 |
Total long-term marketable securities |  |  | 30,674 |  |  |  | 189 |  |  |  | (22 | ) |  |  | 30,841 |
Total cash, cash equivalents and marketable securities |  | $ | 79,934 |  |  | $ | 195 |  |  | $ | (209 | ) |  | $ | 79,920 |
The following tables summarize the Company’s available-for-sale debt securities and cash equivalents with unrealized losses as of December 31, 2024 and 2023, aggregated by major security type and the length of time that individual securities have been in a continuous loss position (in thousands):
|  | December 31, 2024 |
|  | Less than 12 months |  |  | 12 months or greater |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Commercial paper |  | $ | 1,446 |  |  | $ | (3 | ) |  | $ | — |  |  | $ | — |  |  | $ | 1,446 |  |  | $ | (3 | )
Corporate debt securities |  |  | 4,059 |  |  |  | (5 | ) |  |  | — |  |  |  | — |  |  |  | 4,059 |  |  |  | (5 | )
U.S. federal agency securities |  |  | 2,804 |  |  |  | (59 | ) |  |  | 3,021 |  |  |  | (2 | ) |  |  | 5,825 |  |  |  | (61 | )
Total |  | $ | 8,309 |  |  | $ | (67 | ) |  | $ | 3,021 |  |  | $ | (2 | ) |  | $ | 11,330 |  |  | $ | (69 | )
|  | December 31, 2023 |
|  | Less than 12 months |  |  | 12 months or greater |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Commercial paper |  | $ | 5,453 |  |  | $ | (2 | ) |  | $ | — |  |  | $ | — |  |  | $ | 5,453 |  |  | $ | (2 | )
Corporate debt securities |  |  | 1,153 |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | 1,153 |  |  |  | (2 | )
U.S. federal agency securities |  |  | 15,308 |  |  |  | (52 | ) |  |  | 8,751 |  |  |  | (67 | ) |  |  | 24,059 |  |  |  | (119 | )
U.S. government securities |  |  | 4,769 |  |  |  | (13 | ) |  |  | 10,895 |  |  |  | (73 | ) |  |  | 15,664 |  |  |  | (86 | )
Total |  | $ | 26,683 |  |  | $ | (69 | ) |  | $ | 19,646 |  |  | $ | (140 | ) |  | $ | 46,329 |  |  | $ | (209 | )
As of December 31, 2024 and 2023, the Company had no t recorded any allowance for credit losses related to its available-for-sale securities. The Company attributes the declines in the fair value of its available-for-sale securities to normal market and interest rate fluctuations. The declines in fair value are not attributed to declines in credit quality. The Company does not intend to sell investments while they are in an unrealized loss position and does not believe that it is more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity. All of the Company’s investments mature in less than three years. During the year ended December 31, 2024, the Company received approximately $5.0 million in proceeds from the sale of available-for-sale securities prior to maturity. There was an immaterial amount of gross realized losses on the sales. The Company sold the securities in order to reinvest the funds at improved rates. The Company did not sell any available-for-sale securities prior to maturity during the year ended December 31, 2023. The Company’s marketable securities classified by contractual maturities as of December 31, 2024 were as follows (in thousands):
|  | Amortized Cost |  |  | Fair Value |
Due within one year |  | $ | 42,105 |  |  | $ | 42,193 |
Due after one year through five years |  |  | 22,001 |  |  |  | 21,973 |
Total |  | $ | 64,106 |  |  | $ | 64,166 |

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- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent + Details
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