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Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments [Abstract]  
Summary of Investments

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