Investment Securities (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost, Unrealized Gains and Losses, Allowances for Credit Losses and Fair Value of Available-for-Sale Investments Aggregated by Maturity and Security Type

The Company’s investment securities consisted of the following at March 31, 2025 and December 31, 2024 (in thousands):

		As of March 31, 2025
											Estimated
									Allowance		Fair
		Amortized		Unrealized		Unrealized			for Credit		Market
	Maturity	Cost		Gains		Losses			Losses		Value
Certificates of deposits	Within 1 year	$	2,394	$	8	$	—		$	—	$	2,402
U.S. Treasury securities	Within 1 year		148,399		270		(5	)		—		148,664
U.S. Treasury securities	Greater than 1 year		42,264		184		—			—		42,448
U.S. Government agency securities	Greater than 1 year		22,500		3		(10	)		—		22,493
Total		$	215,557	$	465	$	(15	)	$	—	$	216,007
		As of December 31, 2024
											Estimated
									Allowance		Fair
		Amortized		Unrealized		Unrealized			for Credit		Market
	Maturity	Cost		Gains		Losses			Losses		Value
Certificates of deposits	Within 1 year	$	2,884	$	14	$	—		$	—	$	2,898
U.S. Treasury securities	Within 1 year		172,178		391		—			—		172,569
U.S. Government agency securities	Within 1 year		7,500		—		(7	)		—		7,493
U.S. Treasury securities	Greater than 1 year		24,878		83		(2	)		—		24,959
U.S. Government agency securities	Greater than 1 year		14,999		1		(5	)		—		14,995
Total		$	222,439	$	489	$	(14	)	$	—	$	222,914

Summary of Available-for-Sale Investments in an Unrealized Loss Position

The following tables present available-for-sale investments that were in an unrealized loss position as of March 31, 2025 and December 31, 2024, aggregated by security type and length of time in a continuous unrealized loss position (in thousands):

	As of March 31, 2025
	Less than 12 Months					12 Months or Greater		Total
	Estimated					Estimated		Estimated
	Fair					Fair		Fair
	Market		Unrealized			Market		Market		Unrealized
	Value		Losses			Value		Value		Losses
U.S. Treasury securities	$	42,028	$	(5	)	$	—	$	42,028	$	(5	)
U.S. Government agency securities		17,490		(10	)		—		17,490		(10	)
Total	$	59,518	$	(15	)	$	—	$	59,518	$	(15	)
	As of December 31, 2024
	Less than 12 Months					12 Months or Greater		Total
	Estimated					Estimated		Estimated
	Fair					Fair		Fair
	Market		Unrealized			Market		Market		Unrealized
	Value		Losses			Value		Value		Losses
Certificates of deposits	$	—	$	—		$	490	$	490	$	—
U.S. Treasury securities		7,514		(2	)		—		7,514		(2	)
U.S. Government agency securities		19,987		(12	)		—		19,987		(12	)
Total	$	27,501	$	(14	)	$	490	$	27,991	$	(14	)