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.