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Cash, Cash Equivalents and Short-Term Investments
 12 Months Ended
Dec. 31, 2024
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Short-Term Investments CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
Securities classified as cash, cash equivalents and short-term investments as of December 31, 2024 and 2023 were as follows:
December 31, 2024
Gross Unrealized
(in thousands)Amortized CostGainsLossesFair Value
Cash and cash equivalents
Cash$16,282 $— $— $16,282 
Money market funds48,650 — — 48,650 
Total cash and cash equivalents64,932 — — 64,932 
Short-term investments
U.S. treasury securities$79,720 $58 $(5)$79,773 
U.S. government-sponsored agency bonds45,960 29 (27)45,962 
Commercial paper37,061 19 (15)37,065 
Corporate bonds17,415 4 (6)17,413 
Asset-backed securities2,983 2 — 2,985 
Yankee bonds1,972 — (2)1,970 
Total short-term investments185,111 112 (55)185,168 
Total cash, cash equivalents and investments$250,043 $112 $(55)$250,100 
December 31, 2023
Gross Unrealized
(in thousands)Amortized CostGainsLossesFair Value
Cash and cash equivalents
Cash$2,829 $— $— $2,829 
Money market funds18,641 — — 18,641 
Total cash and cash equivalents21,470 — — 21,470 
Short-term investments
U.S. government-sponsored agency bonds$101,892 $235 $(34)$102,093 
Commercial paper49,630 41 (17)49,654 
Asset-backed securities8,628 2 (5)8,625 
U.S. treasury securities2,455 2 — 2,457 
Total short-term investments162,605 280 (56)162,829 
Total cash, cash equivalents and investments$184,075 $280 $(56)$184,299 
Realized gains or losses have not been significant and are included in other income, net, in our statements of operations and comprehensive loss.
Unrealized losses in 2024 and 2023 were not material. We determined that none of our available-for-sale securities were other-than-temporarily impaired as of December 31, 2024 and 2023, and no investment was in a continuous unrealized loss position for more than one year. Therefore, we believe that it is more likely than not that the investments will be held until maturity or a forecasted recovery of fair value.
Based on our procedures under the expected credit loss model, including an assessment of unrealized losses in our portfolio, we concluded that any unrealized losses on our marketable securities were not attributable to credit and, therefore, we have not recorded an allowance for credit losses as of December 31, 2024 and 2023.