Marketable Securities

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

The following is a summary of available-for-sale securities, which are carried at fair value, as of December 31, 2024 (in thousands):


	Amortized Cost		Gross Unrealized Gain		Gross Unrealized (Losses)		Estimated Fair Value
Balance as of December 31, 2024

Corporate debt securities	$	500	$	—	$	(1)	$	499
Total	$	500	$	—	$	(1)	$	499

The Company did not have any marketable securities classified as available-for-sale as of March 31, 2025.

The following is a summary of held-to-maturity securities, which are carried at amortized cost, as of December 31, 2024 and March 31, 2025 (in thousands):


	Amortized Cost		Gross Unrealized Gain		Gross Unrealized (Losses)		Estimated Fair Value
Balance as of December 31, 2024
Term deposits	$	21,653	$	—	$	—	$	21,653
U.S. treasury securities	19,778		18		—		19,796
Corporate debt securities	20,000		—		(26)		19,974
Total	$	61,431	$	18	$	(26)	$	61,423

Balance as of March 31, 2025
Term deposits	$	23,543	$	—	$	—	$	23,543
U.S. treasury securities	9,865		30		—		9,895
Corporate debt securities	20,000		5		(15)		19,990
Total	$	53,408	$	35	$	(15)	$	53,428

The unrealized gains and losses on the Company’s investments in marketable securities as of December 31, 2024 and March 31, 2025 were caused by changes in market values primarily due to interest rate changes. As of March 31, 2025, there were no securities which were in an unrealized loss position for a period longer than twelve months. 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 three months ended March 31, 2024 and 2025. The Company has no allowance for credit losses related to its marketable 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, 2024 and March 31, 2025 (in thousands):


	December 31, 2024				March 31, 2025
	Available-for-sale securities		Held-to-maturity securities		Available-for-sale securities		Held-to-maturity securities
Due within one year	$	499	$	46,450	$	—	$	38,424
Due after one year through five years	—		14,981		—		14,984
Total	$	499	$	61,431	$	—	$	53,408

The following table summarizes the purchases of and proceeds from marketable securities for the three months ended March 31, 2024 and 2025 (in thousands):


	For the three months ended March 31,
	2024		2025
Purchases of marketable securities

Purchases of held-to-maturity securities	$	—	$	25,635
Total purchases of marketable securities	$	—	$	25,635

Proceeds from marketable securities
Maturities of available-for-sale securities	$	—	$	500
Maturities of held-to-maturity securities	8,220		33,842
Total proceeds from marketable securities	$	8,220	$	34,342

The Company did not sell any available-for-sale or held-to-maturity securities during the three months ended March 31, 2024 and 2025. The Company did not record any gross realized gains or losses in net income during the three months ended March 31, 2024 and 2025.