Marketable Securities

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable Securities

The Company invests in short-term and long-term agency, municipal, corporate and other debt securities. The securities are categorized as available-for-sale and are recorded at fair value. The following table summarizes information regarding the Company’s short-term and long-term marketable securities as of March 31, 2025 and December 31, 2024:

	March 31, 2025
(in thousands)	Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities	$	5,325	$	—	$	(4)	$	5,321
Corporate debt securities	15,882		—		(38)		15,844
U.S. municipal securities	11,425		13		(26)		11,412
U.S. treasury bonds	1,000		2		—		1,002
Total marketable securities	$	33,632	$	15	$	(68)	$	33,579

	December 31, 2024
(in thousands)	Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities	$	8,323	$	—	$	(22)	$	8,301
Corporate debt securities	15,852		—		(82)		15,770
U.S. municipal securities	6,762		—		(38)		6,724
U.S. treasury bonds	1,000		—		(3)		997
Total marketable securities	$	31,937	$	—	$	(145)	$	31,792

Fair values for the corporate debt securities are primarily determined based on quoted market prices (Level 1). Fair values for the U.S. municipal securities, U.S. government agency securities, certificates of deposit and U.S. treasury securities are primarily determined using dealer quotes or quoted market prices for similar securities (Level 2).

Classification of marketable securities as current or non-current is based upon the security’s maturity date as of the date of these financial statements.

The March 31, 2025 balance of available-for-sale debt securities by contractual maturity is shown in the following table at fair value. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.

(in thousands)	March 31, 2025
Due in one year or less	$	14,154
Due after one year through five years	19,425
Total marketable securities	$	33,579