Investments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Investments and Fair Value Measurements

Schedule of available-for-sale securities

		March 31, 2025
				Gross		Gross
		Amortized		Unrealized		Unrealized		Estimated
(In thousands)		Cost		Gains		Losses		Fair Value
US government securities	Level 1	$	11,947	$	1	$	—	$	11,948
Corporate notes	Level 2		2,345		—		—		2,345
Commercial paper	Level 2		5,949		—		(1)		5,948
Marketable securities			20,241		1		(1)		20,241
Money market funds	Level 1		104,220		—		—		104,220
Total		$	124,461	$	1	$	(1)	$	124,461

		December 31, 2024
				Gross		Gross
		Amortized		Unrealized		Unrealized		Estimated
(In thousands)		Cost		Gains		Losses		Fair Value
US government securities	Level 1	$	17,306	$	8	$	—	$	17,314
Corporate notes	Level 2		5,431		1		(1)		5,431
Commercial paper	Level 2		35,285		1		(2)		35,284
Marketable securities			58,022		10		(3)		58,029
Money market funds	Level 1		550		—		—		550
Total		$	58,572	$	10	$	(3)	$	58,579

Schedule of available-for-sale debt securities with unrealized losses

Available-for-sale debt securities with unrealized losses as of March 31, 2025 are summarized below:

March 31, 2025

Less than 12 Months

Greater than 12 Months

Total

Gross

Gross

Gross

Estimated

Unrealized

Estimated

Unrealized

Estimated

Unrealized

(In thousands)

Fair Value

Losses

Fair Value

Losses

Fair Value

Losses

Commercial paper

$

4,958

$

(1)

$

—

$

—

$

4,958

$

(1)

Available-for-sale debt securities with unrealized losses as of December 31, 2024 are summarized below:

	December 31, 2024
	Less than 12 Months				Greater than 12 Months				Total
			Gross				Gross				Gross
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
(In thousands)	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Corporate notes	$	4,114	$	(1)	$	—	$	—	$	4,114	$	(1)
Commercial paper		18,883		(2)		—		—		18,883		(2)
Total	$	22,997	$	(3)	$	—	$	—	$	22,997	$	(3)

Schedule of Changes to the Contingent liability

(In thousands)
Balance at December 31, 2024	$	30,334
Non-cash interest expense accretion		643
Balance at March 31, 2025	$	30,977

Schedule of changes to the contract derivative fair value

(In thousands)
Balance at December 31, 2024	$	2,292
Unrealized gain		38
Balance at March 31, 2025	$	2,330