Short-Term Investments

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

The following tables summarize the estimated value of the Company’s short-term investments as of June 30, 2025 and December 31, 2024:


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







Commercial paper	$	3,324	$	—	$	(3)	$	3,321
Corporate notes	19,629		23		(8)		19,644
U.S. Treasury securities	28,241		23		(8)		28,256
U.S. Government agency securities	20,634		15		(13)		20,636
Total short-term investments	$	71,828	$	61	$	(32)	$	71,857


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







Commercial paper	$	2,258	$	5	$	—	$	2,263
Corporate notes	27,082		41		(31)		27,092
U.S. Treasury securities	14,851		7		(6)		14,852
U.S. Government agency securities	33,687		43		(18)		33,712
Total short-term investments	$	77,878	$	96	$	(55)	$	77,919

There were no realized gains or losses during the three and six months ended June 30, 2025. The Company recognized less than $0.1 million of realized losses related to sales of $18.7 million available-for-sale debt securities during the three and six months ended June 30, 2024. The Company evaluates securities for expected credit losses on a quarterly basis with consideration given to the financial condition and near-term prospects of the issuer, whether the Company intends to sell the securities, and whether it is more likely than not that the Company will be required to sell the securities before recovery of their amortized cost basis. The Company did not recognize any credit losses related to available-for-sale debt securities during the three and six months ended June 30, 2025 and 2024. As of June 30, 2025, the Company does not intend to sell the investments

and it is more likely than not that the Company will not be required to sell these before they mature. There were no securities in a continuous unrealized loss position for 12 months or longer.

As of June 30, 2025, the fair value of short-term investments by remaining contractual maturity consisted of the following:


(in thousands)	Fair Value
Remaining maturity date one year or less	$	48,068
Remaining maturity date greater than one year	23,789
Total short-term investments	$	71,857