Marketable securities consisted of the following as of the periods presented (in thousands):



	March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Marketable securities
U.S. Treasury securities	$	154,047	$	198	$	(50)	$	154,195




Total marketable securities	$	154,047	$	198	$	(50)	$	154,195


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Marketable securities
U.S. Treasury securities	$	167,651	$	244	$	(92)	$	167,803




Total marketable securities	$	167,651	$	244	$	(92)	$	167,803

The Company’s marketable securities have been classified as available for sale. All available for sale debt securities are available for use in current operations. Accordingly, they have been classified as current.

Marketable securities that have been in a continuous unrealized loss position consisted of the following as of the periods presented (in thousands):


	March 31, 2025
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
U.S. Treasury securities	$	28,699	$	(50)	$	—	$	—	$	28,699	$	(50)





Total	$	28,699	$	(50)	$	—	$	—	$	28,699	$	(50)


	December 31, 2024
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
U.S. Treasury securities	$	25,785	$	(92)	$	—	$	—	$	25,785	$	(92)




Total	$	25,785	$	(92)	$	—	$	—	$	25,785	$	(92)

The Company periodically evaluates whether any security has experienced credit-related declines in fair value. The Company did not recognize any credit loss related to its available for sales debt securities in the three months ended March 31, 2025 and 2024.

The amount of realized gains or losses from marketable securities that were reclassified out from accumulated other comprehensive income (loss) to other income, net was based on specific identification and such amount was immaterial in the three months ended March 31, 2024. The Company did not have such transfers in the three months ended March 31, 2025

The following summarizes the remaining contractual maturities of the Company’s marketable securities as of March 31, 2025 (in thousands):


	Fair Value
One year or less	$	123,762
Over one year through three years	30,433
Total marketable securities	$	154,195