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Investments | 9 Months Ended
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Sep. 30, 2025
Investments [Abstract] |
Investments | 4. Investments 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 ended September 30, 2025. As of September 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 September 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 |
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Classified as current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market fund |  | 1 or less |  | $ | 23,316 |  |  | $ | — |  |  | $ | — |  |  | $ | 23,316 |
U.S. Treasury debt securities |  | 1 or less |  |  | 41,672 |  |  |  | — |  |  |  | 33 |  |  |  | 41,705 |
Non-US government securities |  | 1 or less |  |  | 3,227 |  |  |  | — |  |  |  | 3 |  |  |  | 3,230 |
Corporate debt securities |  | 1 or less |  |  | 101,309 |  |  |  | (13 | ) |  |  | 116 |  |  |  | 101,412 |
Commercial paper |  | 1 or less |  |  | 34,416 |  |  |  | (3 | ) |  |  | 13 |  |  |  | 34,426 |
Total short-term investments |  |  |  | $ | 203,940 |  |  | $ | (16 | ) |  | $ | 165 |  |  | $ | 204,089 |
Classified as non-current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | Greater than 1 |  |  | 10,301 |  |  |  | — |  |  |  | 4 |  |  |  | 10,305 |
Total long-term investments |  |  |  | $ | 10,301 |  |  | $ | — |  |  | $ | 4 |  |  | $ | 10,305 |
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 September 30, 2025 and December 31, 2024, the Company had $1.4 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.

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