All of the Company’s debt securities are classified as available-for-sale. The Company’s cash equivalents and investments as of September 30, 2025 and December 31, 2024 consisted of the following:


		September 30, 2025
(In thousands)	Fair Value Level	Amortized cost (1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash Equivalents		Short-term investments
Money market funds	1	$	39,880	$	—	$	—	$	39,880	$	39,880	$	—
U.S. Treasuries	2	1,998		—		—		1,998		—		1,998
Commercial paper	2	1,995		—		(2)		1,993		—		1,993
U.S. Corporate bonds	2	3,509		1		—		3,510		—		3,510
Total cash equivalents and investments		$	47,382	$	1	$	(2)	$	47,381	$	39,880	$	7,501


		December 31, 2024
(In thousands)	Fair Value Level	Amortized cost (1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash Equivalents		Short-term investments
Money market funds	1	$	30,754	$	—	$	—	$	30,754	$	30,754	$	—
U.S. Treasuries	2	35,129		16		—		35,145		6,932		28,213
U.S. Government bonds	2	5,475		9		—		5,484		—		5,484
Commercial paper	2	11,949		—		(6)		11,943		9,958		1,985
U.S. Corporate bonds	2	42,526		63		—		42,589		1,236		41,353
Total cash equivalents and investments		$	125,833	$	88	$	(6)	$	125,915	$	48,880	$	77,035

(1) The amortized cost of debt securities excludes accrued interest of less than $0.1 million and $0.7 million, respectively, recorded within prepaid expenses and other current assets in the condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024.

During the nine months ended September 30, 2025, proceeds from the sales of securities were $22.5 million, which included gross realized gains of approximately $0.1 million, which were released from other comprehensive loss and recorded within interest income and other income, net in the Company’s condensed consolidated statement of operations for the period.

During the three months ended September 30, 2024, the Company redeemed some of its available-for-sale marketable securities prior to their maturities in connection with its repurchase of its remaining outstanding 2.95% Convertible Senior Notes due 2026 (“Convertible Notes”). Proceeds from the sales of securities were $53.0 million, which included gross realized gains of $0.4 million, which were released from other comprehensive loss and recorded within interest income and other income, net in the Company’s condensed consolidated statement of operations for the three and nine months ended September 30, 2024. The gross realized gains and losses were determined using the specific identification method.

As of September 30, 2025 and December 31, 2024, the Company’s investments have been in an immaterial gross unrealized loss position for less than 12 months. As such, no allowance for credit losses was recorded for these securities as of September 30, 2025 and December 31, 2024.