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Investments (Tables)
 9 Months Ended
Sep. 30, 2025
Investments [Abstract]  
Summary of Investments

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