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Cash Equivalents and Marketable Securities
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Cash Equivalents and Marketable Securities

4. Cash Equivalents and Marketable Securities

Cash equivalents and marketable securities consisted of the following as of December 31, 2024 and December 31, 2023 (in thousands):

 

 

 

Fair Value Measurements at
December 31, 2024

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

45,722

 

 

$

—

 

 

$

—

 

 

$

45,722

 

U.S. Treasury securities

 

 

12,488

 

 

 

2

 

 

 

—

 

 

 

12,490

 

Total cash equivalents

 

 

58,210

 

 

 

2

 

 

 

—

 

 

 

58,212

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

2,496

 

 

 

—

 

 

 

—

 

 

 

2,496

 

Government agency securities

 

 

11,260

 

 

 

22

 

 

 

—

 

 

 

11,282

 

Corporate bonds

 

 

168,925

 

 

 

154

 

 

 

(48

)

 

 

169,031

 

Total marketable securities

 

 

182,681

 

 

 

176

 

 

 

(48

)

 

 

182,809

 

Total cash equivalents and marketable securities

 

$

240,891

 

 

$

178

 

 

$

(48

)

 

$

241,021

 

 

 

 

Fair Value Measurements at
December 31, 2023

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

25,563

 

 

$

—

 

 

$

—

 

 

$

25,563

 

Total cash equivalents

 

 

25,563

 

 

 

—

 

 

 

—

 

 

 

25,563

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

14,229

 

 

 

10

 

 

 

(24

)

 

 

14,215

 

Government agency securities

 

 

65,182

 

 

 

23

 

 

 

(98

)

 

 

65,107

 

Commercial paper

 

 

17,891

 

 

 

8

 

 

 

(10

)

 

 

17,889

 

Corporate bonds

 

 

113,492

 

 

 

90

 

 

 

(135

)

 

 

113,447

 

Total marketable securities

 

 

210,794

 

 

 

131

 

 

 

(267

)

 

 

210,658

 

Total cash equivalents and marketable securities

 

$

236,357

 

 

$

131

 

 

$

(267

)

 

$

236,221

 

There were no sales of marketable securities during the year ended December 31, 2024. As of December 31, 2024, the Company held 14 debt securities that were in an unrealized loss position for less than 12 months with an aggregate fair value of $40.0 million. As of December 31, 2024, the Company held no debt securities that were in an unrealized loss position for greater than 12 months. As of December 31, 2024, the aggregate fair value of marketable securities with a remaining contractual maturity of greater than one year was $5.8 million.

The Company has the intent and ability to hold its debt securities until recovery. As a result, the Company did not record any charges for credit-related impairments for its marketable securities for the year ended December 31, 2024.