Financial Instruments

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

The following is a summary of available-for-sale marketable securities, as of December 31, 2024 and 2023, respectively (in thousands):


	December 31, 2024
	Amortized Cost		Unrealized Gain		Unrealized Losses		Fair Value
Marketable securities:
Corporate securities (1)	$	43,008	$	9	$	(74)	$	42,943
U.S. treasury and agency securities	3,097		—		(4)		3,093
Total marketable securities	$	46,105	$	9	$	(78)	$	46,036

(1)Comprised primarily of corporate bonds


	December 31, 2023
	Amortized Cost		Unrealized Gain		Unrealized Losses		Fair Value
Cash equivalents:
Corporate securities (1)	$	1,213	$	—	$	(1)	$	1,212
Total cash equivalents	1,213		—		(1)		1,212
Marketable securities:
Corporate securities (1)	$	199,084	$	115	$	(819)	$	198,380
U.S. treasury and agency securities	30,404		25		(48)		30,381
Total marketable securities	$	229,488	$	140	$	(867)	$	228,761

(1)Comprised primarily of corporate bonds and commercial paper

As of December 31, 2024, the fair values of available-for-sale financial instruments, by remaining contractual maturity, were as follows (in thousands):


Due within one year	$	30,782
Due in one to five years	15,254
Total	$	46,036

The Company typically invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss. The Company’s investment policy generally requires securities to be investment grade and limits the amount of credit exposure to any one issuer. Fair values were determined for each individual security in the investment portfolio.

The Company does not believe that any unrealized losses are attributable to credit-related factors based on its evaluation of available evidence. To determine whether a decline in value is related to credit loss, the Company evaluates, among other factors: the extent to which the fair value is less than the amortized cost basis, changes to the rating of the security by a rating agency and any adverse conditions specifically related to an issuer of a security or its industry. The Company does not intend to sell the instruments 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 maturity. Unrealized gain and losses on marketable securities are presented net of tax.