Available-for-sale Securities and Fair Value on Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Summary of Available-for-Sale Securities

The following is a summary of available-for-sale securities at June 30, 2025 (in thousands):

	June 30, 2025
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Allowance for Credit Loss		Fair Value
Money market funds	$	1,269	$	—	$	—		$	—	$	1,269
United States government agency securities		23,783		34		(7	)		—		23,810
Corporate debt securities		35,504		54		(9	)		—		35,549
Mortgage-backed securities		2,929		2		(256	)		—		2,675
Total available-for-sale securities	$	63,485	$	90	$	(272	)	$	—	$	63,303

The following is a summary of available-for-sale securities at December 31, 2024 (in thousands):

	December 31, 2024
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Allowance for Credit Loss		Fair Value
Money market funds	$	1,773	$	—	$	—		$	—	$	1,773
United States government agency securities		24,060		54		(52	)		—		24,062
Corporate debt securities		33,357		53		(39	)		—		33,371
Mortgage-backed securities		3,070		—		(317	)		—		2,753
Total available-for-sale securities	$	62,260	$	107	$	(408	)	$	—	$	61,959

Available-for-Sale Debt Securities by Original Contractual Maturity

Available-for-sale securities at June 30, 2025 and December 31, 2024, consisted of the following by contractual maturity (in thousands):

	June 30, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
One year or less	$	45,686	$	45,734	$	38,174	$	38,173
Greater than one year and less than five years		17,799		17,569		24,086		23,786
Total available-for-sale securities	$	63,485	$	63,303	$	62,260	$	61,959

Available-for-Sale Marketable Securities in Unrealized Position

The following tables show all available-for-sale marketable securities in an unrealized loss position for which an allowance for credit losses has not been recognized and the related gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

	June 30, 2025
	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Corporate debt securities	$	13,798	$	(9	)	$	—	$	—		$	13,798	$	(9	)
United States government agency securities		7,721		(5	)		1,599		(2	)		9,320		(7	)
Mortgage-backed securities		212		(5	)		2,281		(251	)		2,493		(256	)
Total	$	21,731	$	(19	)	$	3,880	$	(253	)	$	25,611	$	(272	)

	December 31, 2024
	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Corporate debt securities	$	14,002	$	(27	)	$	3,967	$	(12	)	$	17,969	$	(39	)
United States government agency securities		8,468		(37	)		3,279		(15	)		11,747		(52	)
Mortgage-backed securities		402		(10	)		2,351		(307	)		2,753		(317	)
Total	$	22,872	$	(74	)	$	9,597	$	(334	)	$	32,469	$	(408	)

Fair Values of Financial Assets and Liabilities

The fair values of the Company’s financial assets and liabilities were determined using the following inputs at June 30, 2025 (in thousands):

	Balance sheet			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	classification	Total		(Level 1)		(Level 2)		(Level 3)
Money market funds	Cash and cash equivalents	$	1,269	$	1,269	$	—	$	—
United States government agency securities	Short-term investments		23,810		—		23,810		—
Corporate debt securities	Short-term investments		35,549		—		35,549		—
Mortgage-backed securities	Short-term investments		2,675		—		2,675		—
Total short-term investments		$	63,303	$	1,269	$	62,034	$	—

The fair values of the Company’s financial assets and liabilities were determined using the following inputs at December 31, 2024 (in thousands):

	Balance sheet			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	classification	Total		(Level 1)		(Level 2)		(Level 3)
Money market funds	Cash and cash equivalents	$	1,773	$	1,773	$	—	$	—
United States government agency securities	Short-term investments		24,062		—		24,062		—
Corporate debt securities	Short-term investments		33,371		—		33,371		—
Mortgage-backed securities	Short-term investments		2,753		—		2,753		—
Total short-term investments		$	61,959	$	1,773	$	60,186	$	—