MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

As of December 31, 2024 and 2023, marketable securities consisted of U.S. Government and agency debt securities as well as U.S. Treasury bills.

The following tables sets forth the Company’s marketable securities:


	December 31,
(in thousands)	2024		2023

U.S. Government and agency debt securities	$	10,572	$	31,886
U.S. Treasury bills	31,018		30,747
Total	$	41,590	$	62,633

As of December 31, 2024 and 2023, the amortized cost, gross unrealized gains, gross unrealized losses and fair value were as follows:


	December 31, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value

U.S. Government and agency debt securities	$	10,568	$	4	$	—	$	10,572
U.S. Treasury bills	31,002		16		—		31,018
Total	$	41,570	$	20	$	—	$	41,590


	December 31, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value

U.S. Government and agency debt securities	$	31,866	$	30	$	(10)	$	31,886
U.S. Treasury bills	30,742		5		—		30,747
Total	$	62,608	$	35	$	(10)	$	62,633

As of December 31, 2024 and 2023, $41.6 million and $62.6 million, respectively, of the marketable securities were in an unrealized gain position. The Company determined that unrealized gains and losses on marketable securities were primarily due to interest rate changes. No allowance for credit losses related to any of these securities was recorded for the years ended December 31, 2024 and 2023. All maturities are less than 12 months.