Available-for-Sale Marketable Securities

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Available-for-Sale Marketable Securities

4. Available-for-Sale Marketable Securities

As of June 30, 2025, the Company’s available-for-sale marketable securities consisted of debt securities issued by the U.S. Treasury and corporate debt obligations with contractual maturities on various dates within the next 12 months.

The following table summarizes the amortized cost, unrealized gains and losses and fair value of the Company’s available-for-sale marketable securities as of June 30, 2025 (in thousands):

	Total		Total		Total			Total
	Amortized		Unrealized		Unrealized			Estimated
As of June 30, 2025:	Cost		Gains		Losses			Fair Value
Money market funds ($28,274 included in cash and cash equivalents)	$	28,274	$	—	$	—		$	28,274
U.S. Treasury bills ($9,598 included in cash and cash equivalents)		167,852		4		(22	)		167,834
Corporate debt obligations ($14,194 included in cash and cash equivalents)		14,195		—		(1	)		14,194
Total available-for-sale marketable securities	$	210,321	$	4	$	(23	)	$	210,302

As of June 30, 2025, $52.1 million was included in cash equivalents and $158.2 million was included in available-for-sale marketable securities on the condensed balance sheets.

The following table summarizes the amortized cost, unrealized gains and losses and fair value of the Company’s available-for-sale marketable securities as of December 31, 2024 (in thousands):

	Total		Total		Total			Total
	Amortized		Unrealized		Unrealized			Estimated
As of December 31, 2024	Cost		Gains		Losses			Fair Value
Money market funds (included in cash and cash equivalents)	$	36,745	$	—	$	—		$	36,745
U.S. Treasury obligations ($25,426 included in cash and cash equivalents)		214,677		107		—			214,784
Corporate debt obligations (included in cash and cash equivalents)		33,912		—		(2	)		33,910
Total available for sale marketable securities	$	285,334	$	107	$	(2	)	$	285,439

As of June 30, 2025 and December 31, 2024, no significant facts or circumstances were present to indicate a deterioration in the creditworthiness of the issuers of the Company’s marketable securities, and the Company has no requirement or intention to sell these securities before maturity or recovery of their amortized cost basis. The Company considered the current and expected future economic and market conditions and determined that its investments were not significantly impacted by such conditions. For all securities with a fair value less than its amortized cost basis, the Company determined the decline in fair value below amortized cost basis to be immaterial and non-credit related, and therefore no allowance for losses has been recorded. During each of the three and six months ended June 30, 2025 and 2024, the Company did not recognize any impairment losses on its investments.

As of each of June 30, 2025 and December 31, 2024, accrued interest receivable was zero. The Company’s accounting policy is to not measure an allowance for credit losses for accrued interest receivables and to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which it considers to be in the period in which the Company determines the accrued interest will not be collected. During each of the three and six months ended June 30, 2025 and 2024, the Company did not write off any accrued interest receivables.