Cash, Cash Equivalents and Short-Term Investments (Tables)
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3 Months Ended |
Mar. 31, 2025 |
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| Cash, Cash Equivalents and Short-Term Investments |
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| Schedule of cash, cash equivalents and short-term investments |
Cash, cash equivalents and short-term investments consisted of the following as of March 31, 2025 and December 31, 2024 (in thousands): | | | | | | | | | | March 31, | | December 31, | | | | 2025 | | 2024 | | Cash | | $ | 32,945 | | $ | 34,003 | | Cash equivalents: | | | | | | | | Money market mutual fund | | | 3,157 | | | 134 | | Total cash and cash equivalents | | | 36,102 | | | 34,137 | | Short-term investments: | | | | | | | | U.S. Treasury notes and bills | | | 32,261 | | | 41,948 | | Mutual funds | | | 98,333 | | | 97,675 | | Corporate debt securities | | | 77,335 | | | 76,837 | | Total short-term investments | | | 207,929 | | | 216,460 | | Cash, cash equivalents and short-term investments | | $ | 244,031 | | $ | 250,597 | |
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| Schedule of available-for-sale investments |
The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments by type of security at March 31, 2025 were as follows (in thousands): | | | | | | | | | | | | | | | Amortized | | Unrealized | | Unrealized | | | | | | Cost | | Gains | | Losses | | Fair Value | U.S. Treasury notes | | $ | 31,951 | | $ | 310 | | $ | — | | $ | 32,261 | Corporate debt securities | | | 76,837 | | 498 | | — | | 77,335 | Total available-for-sale investments | | $ | 108,788 | | $ | 808 | | $ | — | | $ | 109,596 |
The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments by type of security at December 31, 2024 were as follows (in thousands): | | | | | | | | | | | | | | | Amortized | | Unrealized | | Unrealized | | | | | | Cost | | Gains | | Losses | | Fair Value | U.S. Treasury notes | | $ | 40,628 | | $ | 1,320 | | $ | — | | $ | 41,948 | Corporate debt securities | | | 75,297 | | | 1,540 | | | — | | | 76,837 | Total available-for-sale investments | | $ | 115,925 | | $ | 2,860 | | $ | — | | $ | 118,785 |
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| Schedule of investments based on stated contractual maturities |
The following table summarizes the fair value of available-for-sale investments based on stated contractual maturities as of March 31, 2025: | | | | | | | | | Amortized Cost | | Fair Value | Due within one year | | $ | 72,202 | | $ | 72,694 | Due after one year through five years | | | 36,586 | | | 36,902 | Due after five years through ten years | | | — | | | — | Total | | $ | 108,788 | | $ | 109,596 |
The following table summarizes the fair value of available-for-sale investments based on stated contractual maturities as of December 31, 2024: | | | | | | | | | Amortized Cost | | Fair Value | Due within one year | | $ | 52,242 | | $ | 53,934 | Due after one year through five years | | | 63,683 | | | 64,851 | Due after five years through ten years | | | — | | | — | Total | | $ | 115,925 | | $ | 118,785 |
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| Schedule of gross unrealized losses and fair value of available-for-sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position |
The following table shows the Company’s gross unrealized losses and fair value of available-for-sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2025: | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or More | | Total | | | | | | Unrealized | | | | | Unrealized | | | | | Unrealized | | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | U.S. Treasury notes | | $ | — | | $ | — | | $ | 32,261 | | $ | (1,121) | | $ | 32,261 | | $ | (1,121) | Corporate debt securities | | | — | | | — | | | 77,335 | | | (5,230) | | | 77,335 | | | (5,230) | Total | | $ | — | | $ | — | | $ | 109,596 | | $ | (6,351) | | $ | 109,596 | | $ | (6,351) |
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| Schedule of unrealized gains (losses) related to equity securities held |
Unrealized gains (losses) during the three months ended March 31, 2025 and 2024 related to equity securities held at March 31, 2025 and 2024 are as follows (in thousands): | | | | | | | | | | Three Months Ended March 31, | | | | 2025 | | 2024 | | Net losses recognized during the period on equity securities | | $ | — | | $ | (678) | | Less: net gains recognized during the period on equity securities sold during the period | | | 659 | | | | | Unrealized gains (losses) recognized during the period on equity securities still held at March 31, 2025 and 2024 | | $ | 659 | | $ | (678) | |
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