Cash Equivalents

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents

Cash Equivalents

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

	June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	66,840	$	—	$	—	$	66,840
Certificates of deposit	404		—		—		404
Total	$	67,244	$	—	$	—	$	67,244

	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 and six months ended June 30, 2025, other income, net in the statements of operations includes interest income on cash equivalents of $0.6 million and $1.7 million, respectively. During the three and six months ended June 30, 2024, other income, net in the statements of operations includes interest income on cash equivalents of $2.4 million and $4.8 million, respectively. During the three and six months ended June 30, 2025 and 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 and six months ended June 30, 2025 and 2024.

In the three and six months ended June 30, 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 June 30, 2025, the Company had no accrued interest receivables.