| Cash Equivalents and Marketable Securities |
5. Cash Equivalents and Marketable Securities The Company's investments consist of marketable securities classified as available-for-sale. The following tables provide a summary of the estimated fair value of the Company’s cash equivalents and marketable securities:
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December 31, 2024 |
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Classification |
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Amortized Cost |
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Gross
Unrealized Gain |
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Gross
Unrealized Loss |
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Fair Value |
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Short-term |
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Long-term |
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Cash equivalents: |
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Money market funds |
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$ |
19,742 |
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$ |
— |
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$ |
— |
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$ |
19,742 |
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$ |
19,742 |
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$ |
— |
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Corporate debt securities |
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2,204 |
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— |
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— |
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2,204 |
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2,204 |
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— |
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Total cash equivalents |
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$ |
21,946 |
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$ |
— |
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$ |
— |
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$ |
21,946 |
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$ |
21,946 |
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$ |
— |
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Marketable securities: |
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U.S. treasury securities |
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$ |
257,334 |
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$ |
198 |
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$ |
(130 |
) |
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$ |
257,402 |
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$ |
186,552 |
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$ |
70,850 |
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U.S. government agency securities |
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6,946 |
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2 |
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(5 |
) |
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6,943 |
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3,928 |
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3,015 |
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Corporate debt securities |
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69,791 |
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45 |
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(4 |
) |
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69,832 |
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61,969 |
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7,863 |
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Total marketable securities |
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$ |
334,071 |
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$ |
245 |
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$ |
(139 |
) |
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$ |
334,177 |
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$ |
252,449 |
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$ |
81,728 |
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December 31, 2023 |
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Classification |
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Amortized Cost |
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Gross
Unrealized Gain |
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Gross
Unrealized Loss |
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Fair Value |
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Short-term |
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Long-term |
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Cash equivalents: |
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Money market funds |
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$ |
131,193 |
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$ |
— |
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$ |
— |
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$ |
131,193 |
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$ |
131,193 |
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$ |
— |
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Total cash equivalents |
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$ |
131,193 |
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$ |
— |
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$ |
— |
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$ |
131,193 |
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$ |
131,193 |
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$ |
— |
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Marketable securities: |
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U.S. treasury securities |
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$ |
36,370 |
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$ |
48 |
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$ |
— |
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$ |
36,418 |
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$ |
36,418 |
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$ |
— |
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U.S. government agency securities |
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4,976 |
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— |
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(1 |
) |
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4,975 |
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4,975 |
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— |
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Total marketable securities |
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$ |
41,346 |
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$ |
48 |
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$ |
(1 |
) |
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$ |
41,393 |
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$ |
41,393 |
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$ |
— |
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Interest Income The following table provides a summary of the components of interest income:
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Year Ended
December 31, |
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2024 |
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2023 |
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Interest income |
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$ |
11,347 |
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$ |
3,341 |
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Accretion of discount on marketable securities, net |
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6,018 |
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1,423 |
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Total interest income |
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$ |
17,365 |
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$ |
4,764 |
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