MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

As of March 31, 2025, marketable securities consisted of U.S. Treasury bills. As of December 31, 2024, marketable securities consisted of U.S. Government and agency debt securities as well as U.S. Treasury bills.

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


	March 31,		December 31,
(in thousands)	2025		2024

U.S. Government and agency debt securities	$	—	$	10,572
U.S. Treasury bills	22,063		31,018
Total	$	22,063	$	41,590

As of March 31, 2025 and December 31, 2024, the amortized cost, gross unrealized gains, gross unrealized losses and fair value were as follows:


	March 31, 2025
(in thousands)	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value

U.S. Treasury bills	$	22,063	—		—		$	22,063
Total	$	22,063	$	—	$	—	$	22,063


	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

As of March 31, 2025, there were $22.1 million of marketable securities with no material unrealized gains or losses. As of December 31, 2024, $41.6 million 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 periods ended March 31, 2025 and December 31, 2024. All maturities are less than 12 months.