v3.25.1
Marketable Securities (Tables)
 3 Months Ended
Mar. 31, 2025
Marketable Securities [Abstract]  
Summary of Debt Securities, Available-for-sale

The following table summarizes the Company’s marketable debt securities, classified as available-for-sale:

 

Fair Value Measurements
as of March 31, 2025

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Loss

 

 

Fair
Value

 

 

(in thousands)

 

Marketable debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury bills

 

$

147,194

 

 

$

218

 

 

$

(26

)

 

$

147,386

 

U.S. government agency bonds

 

 

10,904

 

 

 

3

 

 

 

(1

)

 

 

10,906

 

 

$

158,098

 

 

$

221

 

 

$

(27

)

 

$

158,292

 

 

 

Fair Value Measurements
as of December 31, 2024

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Loss

 

 

Fair Value

 

 

(in thousands)

 

Marketable debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury bills

 

$

176,049

 

 

$

364

 

 

$

(39

)

 

$

176,374

 

U.S. government agency bonds

 

 

12,002

 

 

 

11

 

 

 

—

 

 

 

12,013

 

 

$

188,051

 

 

$

375

 

 

$

(39

)

 

$

188,387

 

 
Summary of Fair value and Gross Unrealized Losses on Securities

The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in an unrealized loss position:

 

March 31, 2025

 

 

Less than twelve months

 

 

Greater than twelve months

 

 

Total

 

 

Fair value

 

 

Unrealized loss

 

 

Fair value

 

 

Unrealized loss

 

 

Fair value

 

 

Unrealized loss

 

 

(in thousands)

 

U.S. Treasury bills

$

53,897

 

 

$

(26

)

 

$

-

 

 

$

-

 

 

$

53,897

 

 

$

(26

)

U.S. government agency bonds

 

2,957

 

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

2,957

 

 

 

(1

)

 

$

56,854

 

 

$

(27

)

 

$

-

 

 

$

-

 

 

$

56,854

 

 

$

(27

)

 

 

December 31, 2024

 

 

Less than twelve months

 

 

Greater than twelve months

 

 

Total

 

 

Fair value

 

 

Unrealized loss

 

 

Fair value

 

 

Unrealized loss

 

 

Fair value

 

 

Unrealized loss

 

 

(in thousands)

 

U.S. Treasury bills

$

46,016

 

 

$

(39

)

 

$

-

 

 

$

-

 

 

$

46,016

 

 

$

(39

)

 

$

46,016

 

 

$

(39

)

 

$

-

 

 

$

-

 

 

$

46,016

 

 

$

(39

)