MARKETABLE SECURITIES

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

As of June 30, 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:


	June 30,		December 31,
(in thousands)	2025		2024

U.S. Government and agency debt securities	$	—	$	10,572
U.S. Treasury bills	17,600		31,018
Total	$	17,600	$	41,590

As of June 30, 2025 and December 31, 2024, the amortized cost, gross unrealized gains, gross unrealized losses and fair value were as follows:


	June 30, 2025
(in thousands)	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value

U.S. Treasury bills	$	17,602	$	—	$	(2)	$	17,600
Total	$	17,602	$	—	$	(2)	$	17,600


	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 June 30, 2025, there were $17.6 million of marketable securities, which were in an unrealized loss position. As of December 31, 2024, there were $41.6 million of the marketable securities, which 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 marketable securities was recorded for the periods ended June 30, 2025 and December 31, 2024. All maturities are less than 12 months.