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Short-Term Investments
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Short-Term Investments Short-Term Investments
The following tables summarize the estimated value of the Company’s short-term investments as of December 31, 2024 and 2023:
December 31, 2024
(in thousands)
Amortized Cost
Unrealized Gain
Unrealized Loss
Fair Value
Commercial paper
$2,258 $5 $— $2,263 
Corporate notes
27,082 41 (31)27,092 
U.S. Treasury securities
14,851 7 (6)14,852 
U.S. Government agency securities
33,687 43 (18)33,712 
Total short-term investments
$77,878 $96 $(55)$77,919 
December 31, 2023
(in thousands)Amortized CostUnrealized GainUnrealized LossFair Value
Commercial paper$18,101 $14 $(3)$18,112 
Corporate notes7,621 20 — 7,641 
U.S. Treasury securities11,975 2 (6)11,971 
U.S. Government agency securities64,134 89 (21)64,202 
Total short-term investments$101,831 $125 $(30)$101,926 
The Company recognized less than $0.1 million of realized losses related to sales of $18.7 million in available-for-sale debt securities during the year ended December 31, 2024. There were no realized gains or losses during the years ended December 31, 2023 and 2022. The Company evaluates securities for expected credit losses on a quarterly basis with consideration given to the financial condition and near-term prospects of the issuer, whether the Company intends to sell the securities, and whether it is more likely than not that the Company will be required to sell the securities before recovery of their amortized cost basis. The Company did not recognize any credit losses related to available-for-sale debt securities during the years ended December 31, 2024, 2023, and 2022. As of December 31, 2024, the Company does not intend to sell the investments and it is more likely than not that the Company will not be required to sell these before recovery. There were no securities in a continuous unrealized loss position for 12 months or longer. As of December 31, 2024, the fair value of short-term investments by remaining contractual maturity consisted of the following:
(in thousands)
Fair Value
Remaining maturity date one year or less
$57,665 
Remaining maturity date greater than one year
20,254 
Total short-term investments
$77,919