Marketable Securities and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Marketable securities, classified as available-for-sale, consisted of the following (in thousands):


	As of June 30, 2025								As of December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Corporate securities	$	47,432	$	101	$	(4)	$	47,529	$	52,311	$	102	$	(12)	$	52,401
U.S. Treasury and agency securities	66,806		146		(22)		66,930		47,865		163		—		48,028


Debt securities	$	114,238	$	247	$	(26)	$	114,459	$	100,176	$	265	$	(12)	$	100,429

Schedule of Cost and Estimated Fair Values of Available-for-sale Securities by Contractual Maturity

The following table summarizes the cost and estimated fair value of our marketable securities based on stated effective maturities as of June 30, 2025 (excluding publicly held equity securities, in thousands):


As of June 30, 2025	Amortized Cost		Fair Value
Less than 1 year	$	66,851	$	66,991
Mature in 1 - 3 years	47,387		47,468
Debt securities	$	114,238	$	114,459

Schedule of Cash, Cash Equivalents and Available-for-sale Investments Measured at Fair Value on Recurring Basis

The following is a summary of our cash, cash equivalents and marketable securities measured at fair value on a recurring basis (in thousands):


	As of June 30, 2025								As of December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash	$	77,239	$	—	$	—	$	77,239	$	89,195	$	—	$	—	$	89,195
Cash equivalents	175,685		—		—		175,685		5,934		—		—		5,934

Corporate securities	—		47,529		—		47,529		—		52,401		—		52,401
U.S. Treasury and agency securities	43,407		23,523		—		66,930		38,025		10,003		—		48,028


	$	296,331	$	71,052	$	—	$	367,383	$	133,154	$	62,404	$	—	$	195,558

Unrealized Gain (Loss) on Investments

Marketable securities in an unrealized loss position as of June 30, 2025 consisted of the following (in thousands):


	Less Than 12 Months				12 Months or More				Total
As of June 30, 2025	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate securities	$	12,960	$	(4)	$	—	$	—	$	12,960	$	(4)
U.S. Treasury and agency securities	25,797		(22)		—		—		25,797		(22)

Total	$	38,757	$	(26)	$	—	$	—	$	38,757	$	(26)

Marketable securities in an unrealized loss position as of December 31, 2024 consisted of the following (in thousands):


	Less Than 12 Months				12 Months or More				Total
As of December 31, 2024	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate securities	$	12,516	$	(12)	$	—	$	—	$	12,516	$	(12)


Total	$	12,516	$	(12)	$	—	$	—	$	12,516	$	(12)