MARKETABLE SECURITIES

6 Months Ended

Jun. 30, 2025

The Company’s marketable securities consisted of the following (in thousands):


	June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities, short-term
Corporate debt securities	$	88,565	$	42	$	(73)	$	88,534

Government and agency - U.S.	18,019		7		(1)		18,025
Total available-for-sale securities, short-term	106,584		49		(74)		106,559
Available-for-sale securities, long-term
Corporate debt securities	22,749		51		(3)		22,797

Total available-for-sale securities, long-term	22,749		51		(3)		22,797
Total available-for-sale securities	$	129,333	$	100	$	(77)	$	129,356


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities, short-term
Corporate debt securities	$	118,813	$	128	$	(8)	$	118,933

Government and agency - U.S.	16,962		35		—		16,997
Total available-for-sale securities, short-term	135,775		163		(8)		135,930
Available-for-sale securities, long-term
Corporate debt securities	60,171		—		(203)		59,968

Total available-for-sale securities, long-term	60,171		—		(203)		59,968
Total available-for-sale securities	$	195,946	$	163	$	(211)	$	195,898

The following tables summarize the amount of unrealized losses, defined as the amount by which the amortized cost exceeds fair value, and the related fair value of available-for-sale marketable securities with unrealized losses, which have been segregated into two categories: those that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months (in thousands):


	June 30, 2025
	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	59,519	$	(76)	$	—	$	—	$	59,519	$	(76)
Government and agency - U.S.	8,963		(1)		—		—		8,963		(1)
Total	$	68,482	$	(77)	$	—	$	—	$	68,482	$	(77)


	December 31, 2024
	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	73,952	$	(211)	$	2,515	$	—	$	76,467	$	(211)

Total	$	73,952	$	(211)	$	2,515	$	—	$	76,467	$	(211)

As of June 30, 2025, the Company’s available-for-sale securities classified as short-term mature in one year or less and the Company’s available-for-sale securities classified as long-term mature within two years. As noted in the table above, none of the Company’s available-for-sale marketable securities as of June 30, 2025 have been in an unrealized loss position for more than 12 months. Additionally, the Company does not intend to sell any of its available-for-sale securities and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. No credit losses were recognized on the Company’s available-for-sale securities during the three and six months ended June 30, 2025 and 2024. There were no realized gains or losses recognized during the three months ended June 30, 2025 and 2024. The Company recorded immaterial realized gains during the six months ended June 30, 2025 and 2024.