The Company invests portions of excess cash in United States treasuries, commercial paper, non-U.S. government securities, municipal securities, and corporate debt securities with maturities ranging from three to thirty-six months from the purchase date. These investments are accounted for as available-for-sale securities and are classified as short-term and long-term investments in the accompanying consolidated balance sheets based on each security’s contractual maturity date. There were no significant realized losses on available-for-sale securities during the period. As of June 30, 2025, the Company did not intend to sell the investments in an unrealized loss position and it was unlikely that the Company will be required to sell the investments before the recovery of their amortized cost basis.

The following table summarizes the Company’s investments accounted for as available-for-sale securities as of June 30, 2025 and December 31, 2024 (in thousands, except for maturity in years):


	Maturity (in years)	Amortized Cost		Unrealized Losses			Unrealized Gains		Estimated Fair Value
June 30, 2025
Classified as current assets:
Money market fund	1 or less	$	33,770	$	—		$	—	$	33,770
U.S. Treasury debt securities	1 or less		34,724		(6	)		18		34,736
Non-US government securities	1 or less		1,715		—			1		1,716
Corporate debt securities	1 or less		113,049		(29	)		78		113,098
Commercial paper	1 or less		32,049		(18	)		—		32,031
Total short-term investments		$	215,307	$	(53	)	$	97	$	215,351
Classified as non-current assets:
Municipal securities	Greater than 1	$	2,500	$	—		$	—	$	2,500
Corporate debt securities	Greater than 1		23,579		—			18		23,597
Total long-term investments		$	26,079	$	—		$	18	$	26,097

December 31, 2024
Classified as current assets:
Money market fund	1 or less	$	29,491	$	—		$	—	$	29,491
U.S. Treasury debt securities	1 or less		40,206		(6	)		91		40,291
Non-US government securities	1 or less		2,994		—			1		2,995
Municipal securities	1 or less		2,490		—			2		2,492
Corporate debt securities	1 or less		170,169		(70	)		228		170,327
Commercial paper	1 or less		26,903		(10	)		14		26,907
Total short-term investments		$	272,253	$	(86	)	$	336	$	272,503
Classified as non-current assets:
U.S. Treasury debt securities	Greater than 1	$	9,752	$	(9	)	$	2	$	9,745
Corporate debt securities	Greater than 1		17,887		(7	)		32		17,912
Total long-term investments		$	27,639	$	(16	)	$	34	$	27,657

As of June 30, 2025 and December 31, 2024, the Company had $2.0 million and $2.1 million, respectively, of accrued interest on investments recorded in prepaid expenses and other assets on the unaudited condensed consolidated balance sheets.