Cash Equivalents

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents

Cash Equivalents

The following table summarizes the Company’s cash equivalents (in thousands):

	March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	88,058	$	—	$	—	$	88,058
Certificates of deposit	403		—		—		403
Total	$	88,461	$	—	$	—	$	88,461

	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	106,894	$	—	$	—	$	106,894
Certificates of deposit	403		—		—		403
Total	$	107,297	$	—	$	—	$	107,297

During the three months ended March 31, 2025, other income, net in the statements of operations includes interest income on cash equivalents of $1.1 million. During the three months ended March 31, 2024, other income, net in the statements of operations includes interest income on cash equivalents of $2.4 million. During the three months ended March 31, 2025 and March 31, 2024, there was no accretion of premiums and discounts on investments.

There were no unrealized gains or losses on investments reclassified from accumulated other comprehensive income (loss) to other income in the statements of operations during the three months ended March 31, 2025 and 2024.

In the three months ended March 31, 2025 and 2024, there were no allowances for credit losses and all unrealized gains (losses) for available-for-sale securities were recognized in accumulated other comprehensive income (loss). As of March 31, 2025, the Company had no accrued interest receivables.