Short-Term Investments

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Short-Term Investments

4. Short-Term Investments

The following table summarizes the amortized cost and estimated fair value of the Company’s U.S. government treasury securities, which are considered to be available-for-sale investments and are included in short-term investments on the condensed consolidated balance sheet as of September 30, 2025 (in thousands):

	September 30, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Short-term investments:
U.S. government treasury securities	$	34,608	$	5	$	(1	)	$	34,612
Total short-term investments	$	34,608	$	5	$	(1	)	$	34,612

The Company did not have any short-term investments as of December 31, 2024. Certain short-term debt securities with original maturities of less than three months are included in cash and cash equivalents on the condensed consolidated balance sheets and are not included in the table above. As of September 30, 2025, all investments had contractual maturities within one year.

The Company holds debt securities with high credit quality and has determined that there was no material change in the credit risk of any of its debt securities. The aggregate fair value of available-for-sale securities held by the Company in an unrealized loss position for less than 12 months as of September 30, 2025 was $9.8 million. The Company evaluated its securities for potential impairment and considered the decline in market value to be primarily attributable to current economic and market conditions. Additionally, the Company does not intend to sell the investments in an unrealized loss position and does not expect it will be required to sell the investments before recovery of their amortized cost bases, which may be maturity. Given the Company’s intent and ability to hold such investments until recovery, and the lack of a significant change in credit risk for these investments, the Company does not consider these investments to be impaired and there are no allowances for credit losses as of September 30, 2025.