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Marketable Securities
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities Marketable Securities
The following is a summary of available-for-sale securities, which are carried at fair value, as of December 31, 2023 and 2024 (in thousands):
Amortized CostGross Unrealized GainGross Unrealized (Losses)Estimated Fair Value
Balance as of December 31, 2023
Tax-exempt municipal securities$10,055 $2 $(144)$9,913 
Corporate debt securities3,202 — (79)3,123 
Total$13,257 $2 $(223)$13,036 
Balance as of December 31, 2024
Corporate debt securities$500 $— $(1)$499 
Total$500 $— $(1)$499 
The following is a summary of held-to-maturity securities, which are carried at amortized cost, as of December 31, 2023 and 2024 (in thousands):
Amortized CostGross Unrealized GainGross Unrealized (Losses)Estimated Fair Value
Balance as of December 31, 2023
Term deposits$27,175 $— $— $27,175 
Total$27,175 $— $— $27,175 
Balance as of December 31, 2024
Term deposits$21,653 $— $— $21,653 
U.S. treasury securities19,778 18 — 19,796 
Corporate debt securities20,000 — (26)19,974 
Total$61,431 $18 $(26)$61,423 
The unrealized gains and losses on the Company’s investments in marketable securities as of December 31, 2023 and 2024 were caused by changes in market values primarily due to interest rate changes. As of December 31, 2024, the fair value of the Company’s securities which were in an unrealized loss position for a period longer than twelve months was $0.5 million. The Company does not intend to sell these securities, and it is not more likely than not that the Company will be required to sell these securities prior to the recovery of their amortized cost basis, which may be at maturity. As such, no impairment charges were recorded during the years ended December 31, 2022, 2023, and 2024. The Company has no allowance for credit losses related to its available-for-sale or held-to-maturity securities as all investments are in investment grade securities.
The following table summarizes the maturities of the Company’s marketable securities as of December 31, 2023 and 2024 (in thousands):
 December 31, 2023December 31, 2024
Available-for-sale securitiesHeld-to-maturity securitiesAvailable-for-sale securitiesHeld-to-maturity securities
Due within one year$12,553 $27,175 $499 $46,450 
Due after one year through five years483 — — 14,981 
Total$13,036 $27,175 $499 $61,431 
The following table summarizes the purchases of and proceeds from marketable securities for the years ended December 31, 2022, 2023, and 2024 (in thousands):
 December 31, 2022December 31, 2023December 31, 2024
Purchases of marketable securities
Purchases of available-for-sale securities$— $— $— 
Purchases of held-to-maturity securities— 26,905 54,117 
Total purchases of marketable securities$— $26,905 $54,117 
Proceeds from marketable securities
Maturities of available-for-sale securities$6,420 $9,800 $12,805 
Maturities of held-to-maturity securities— — 18,220 
Total proceeds from marketable securities$6,420 $9,800 $31,025 
The Company did not sell any available-for-sale or held-to-maturity securities during the years ended December 31, 2022, 2023, and 2024. The Company did not record any gross realized gains or losses in net income during the years ended December 31, 2022, 2023, and 2024.