Cash, Cash Equivalents and Short-Term Investments

3 Months Ended

Mar. 31, 2025

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Short-Term Investments

4. Cash, Cash Equivalents and Short-Term Investments

It is the Company’s policy to mitigate credit risk in its financial assets by maintaining a well-diversified portfolio that limits the amount of exposure as to maturity and investment type.

The following table summarizes the Company’s cash, cash equivalents and short-term investments (in thousands):

	AS OF MARCH 31, 2025
	CLASSIFICATION	MATURITY	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES			FAIR MARKET VALUE
Cash and money market funds	Cash and cash equivalents	Less than three months	$	28,801	$	—	$	—		$	28,801
Government bonds	Cash and cash equivalents	Less than three months		1,600		—		—			1,600
Commercial paper	Short-term investments	1 year or less		47,044		6		(13	)		47,037
Government and government agency bonds	Short-term investments	1 year or less		33,707		16		(5	)		33,718
Corporate bonds	Short-term investments	1 year or less		17,544		2		(4	)		17,542
Government and government agency bonds	Short-term investments	Greater than 1 year		28,442		26		(25	)		28,443
Corporate bonds	Short-term investments	Greater than 1 year		8,825		12		(15	)		8,822
Total cash, cash equivalents and short-term investments			$	165,963	$	62	$	(62	)	$	165,963

	AS OF DECEMBER 31, 2024
	CLASSIFICATION	MATURITY	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES			FAIR MARKET VALUE
Cash and money market funds	Cash and cash equivalents	Less than three months	$	33,661	$	—	$	—		$	33,661
Government bonds	Cash and cash equivalents	Less than three months		6,572		2		—			6,574
Commercial paper	Short-term investments	1 year or less		64,840		30		(15	)		64,855
Government and government agency bonds	Short-term investments	1 year or less		17,422		7		(1	)		17,428
Corporate bonds	Short-term investments	1 year or less		15,539		—		(9	)		15,530
Government and government agency bonds	Short-term investments	Greater than 1 year		42,157		1		(128	)		42,030
Corporate bonds	Short-term investments	Greater than 1 year		5,366		9		(25	)		5,350
Total cash, cash equivalents and short-term investments			$	185,557	$	49	$	(178	)	$	185,428

At March 31, 2025, the Company had 11 securities with contractual maturities of one year or less and 9 securities with contractual maturities greater than one year in an unrealized loss position, all of which have been in an unrealized loss position for less than 12 months. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis. As of March 31, 2025, no allowance for credit losses was recorded.