Cash, Cash Equivalents and Marketable Securities

12 Months Ended

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 not 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