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CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
 6 Months Ended
Jun. 30, 2025
Cash and Cash Equivalents [Abstract]  
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
The following table summarizes our cash, cash equivalents and short-term investments:
June 30, 2025December 31, 2024
Gross UnrealizedGross Unrealized
(in thousands)Amortized CostGainsLossesFair ValueAmortized CostGainsLossesFair Value
Cash and cash equivalents
Cash$17,669 $— $— $17,669 $16,282 $— $— $16,282 
Money market funds72,376 — — 72,376 48,650 — — 48,650 
Total cash and cash equivalents90,045 — — 90,045 64,932 — — 64,932 
Short-term investments
U.S. treasury securities$57,724 $6 $(14)$57,716 $79,720 $58 $(5)$79,773 
U.S. government-sponsored agency bonds37,404 — (23)37,381 45,960 29 (27)45,962 
Commercial paper26,681 — (8)26,673 37,061 19 (15)37,065 
Corporate bonds20,880 5 (3)20,882 17,415 4 (6)17,413 
Asset-backed securities5,756 — (1)5,755 2,983 2 — 2,985 
Yankee bonds— — — — 1,972 — (2)1,970 
Total short-term investments148,445 11 (49)148,407 185,111 112 (55)185,168 
Total cash, cash equivalents and investments$238,490 $11 $(49)$238,452 $250,043 $112 $(55)$250,100 
Realized gains or losses have not been significant and are included in other income, net, in the condensed statements of operations and comprehensive loss.
Unrealized losses as of June 30, 2025 and December 31, 2024 were not material. All of the short-term available-for-sale securities held as of June 30, 2025 and December 31, 2024 had contractual maturities of less than one year. We determined that none of our available-for-sale securities were other-than-temporarily impaired as of June 30, 2025 and December 31, 2024, 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 for these securities as of June 30, 2025 and December 31, 2024.
See “Cash and Cash Equivalents” and “Short-Term Investments” captions of Note 2. Summary of Significant Accounting Policies of our 2024 Form 10-K for more information on our accounting policies for cash, cash equivalents and short-term investments.