Cash equivalents and available-for-sale marketable securities

3 Months Ended

Mar. 31, 2025

Cash equivalents and available-for-sale marketable securities

Cash equivalents and available-for-sale marketable securities

4. Cash equivalents and available-for-sale marketable securities

Cash equivalents and available-for-sale marketable securities included the following as of March 31, 2025 and December 31, 2024:

					Unrealized Losses
	Amortized Cost		Unrealized Gains		Less than 12 months			Greater than 12 months	Fair Value
	(in thousands)
As of March 31, 2025
Money market funds included in cash and cash equivalents	$	68,731	$	—	$	(4)	$	—	$	68,727
Marketable securities:
U.S. Treasury notes		130,594		96		(55)		(57)		130,578
U.S. Government agency securities		16,412		1		(3)		(6)		16,404
Certificates of deposit		3,320		—		—		—		3,320
Corporate bonds		61,438		8		(50)		(2)		61,394
Commercial paper		8,671		—		—		—		8,671
Total money market funds and marketable securities	$	289,166	$	105	$	(112)	$	(65)	$	289,094
As of December 31, 2024
Money market funds included in cash and cash equivalents	$	59,658		—		—		—	$	59,658
Marketable securities:
U.S. Treasury notes		125,996		32		(45)		(200)		125,783
U.S. Government agency securities		27,552		6		(5)		(35)		27,518
Certificates of deposit		4,280		6		—		—		4,286
Corporate bonds		95,016		18		(58)		—		94,976
Commercial paper		8,456		2		—		—		8,458
Total money market funds and marketable securities	$	320,958	$	64	$	(108)	$	(235)	$	320,679

All of the Company’s marketable securities at March 31, 2025 and December 31, 2024, have a contractual maturity of two years or less.

The Company reviews investments whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. In connection with these investments, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors, considering the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss on the condensed consolidated balance sheet, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that is not related to credit is recognized in other comprehensive income (loss). Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense in other income, net within the condensed consolidated statement of operations. Losses are charged against the allowance when the Company believes the uncollectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

As of March 31, 2025 and December 31, 2024, the Company held 70 and 97 marketable securities that were in an unrealized loss position, representing $128.3 million and $156.3 million in fair value, respectively. The unrealized losses as of March 31, 2025 and December 31, 2024, were attributable to changes in interest rates and do not represent credit losses. The Company does not intend to sell these securities, and it is not more likely than not that it will be required to sell them before recovery of their amortized cost basis.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows:

		As of March 31,		As of December 31,
	2025		2024
	(in thousands)
Cash and cash equivalents	$	74,755	$	71,367
Restricted cash included in deposits and other non-current assets		2,874		2,874
Total cash, cash equivalents, and restricted cash	$	77,629	$	74,241