Investments

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

3. Investments

The following tables summarize the amortized cost and estimated fair value of the Company's available-for-sale investments as of March 31, 2025 and December 31, 2024 (in thousands):

	March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Short-term investments:
U.S. Treasury securities	$	105,330	$	254	$	—	$	105,584
U.S. government-sponsored enterprise securities		4,891		6		—		4,897
Long-term investments:
U.S. Treasury securities		10,156		20		—		10,176
U.S. government-sponsored enterprise securities		5,016		3		—		5,019
	$	125,393	$	283	$	—	$	125,676

	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Short-term investments:
U.S. Treasury securities	$	129,294	$	436	$	—	$	129,730
U.S. government-sponsored enterprise securities		9,926		6		—		9,932
Long-term investments:
U.S. Treasury securities		5,084		5		—		5,089
	$	144,304	$	447	$	—	$	144,751

Certain short-term debt securities with original maturities of less than 90 days are included in cash and cash equivalents on the condensed consolidated balance sheets and are not included in the tables above. As of March 31, 2025 and December 31, 2024, all short-term investments had contractual maturities within one year. As of March 31, 2025 and December 31, 2024, all long-term investments had contractual maturities between one to two years.

There were no available-for-sale securities held by the Company in an unrealized loss position as of March 31, 2025. As such, the Company does not consider these investments to be impaired and there are no allowances for credit losses as of March 31, 2025.