Investments consisted of available-for-sale securities as follows (in thousands):


	March 31, 2025
	Amortized Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Short-term marketable securities:
Corporate bonds	$	42,200	$	18	$	(4	)	$	42,214
U.S. Treasury securities		26,811		21		(4	)		26,828
Total short-term marketable securities	$	69,011	$	39	$	(8	)	$	69,042
Long-term marketable securities:
Corporate bonds	$	59,961	$	148	$	(6	)	$	60,103
U.S. Treasury securities		27,068		120		—			27,188
U.S. government agency debt securities		12,499		2		(9	)		12,492
Total long-term marketable securities	$	99,528	$	270	$	(15	)	$	99,783


	December 31, 2024

	Amortized Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Short-term marketable securities:
Corporate bonds	$	33,519	$	23	$	(5	)	$	33,537
U.S. Treasury securities		30,130		27		(4	)		30,153
Total short-term marketable securities	$	63,649	$	50	$	(9	)	$	63,690
Long-term marketable securities:
Corporate bonds	$	33,982	$	16	$	(43	)	$	33,955
U.S. Treasury securities		24,146		23		(15	)		24,154
U.S. government agency debt securities		3,500		1		—			3,501
Total long-term marketable securities	$	61,628	$	40	$	(58	)	$	61,610

The Company’s corporate bonds and U.S. Treasury securities, which are designated as short-term marketable securities, have a contractual maturity date that is equal to or less than one year from the respective balance sheet date.

The Company’s corporate bonds, U.S. Treasury securities, and U.S. government agency debt securities, which are designated as long-term marketable securities, have a contractual maturity date that is more than one year from the respective balance sheet date.

The unrealized losses on the Company’s available-for-sale securities as of March 31, 2025 and December 31, 2024 were not material and were caused by fluctuations in market values and interest rates as a result of the economic environment. The Company concluded that an allowance for credit losses was unnecessary as of March 31, 2025 and December 31, 2024 because the decline in the market value was attributable to changes in market conditions and not credit quality, and that it is neither management’s intention to sell nor is it more likely than not that the Company will be required to sell these investments prior to recovery of their cost basis or recovery of fair value. There was no material realized gain or loss on available-for-sale securities in the periods presented.

The Company excludes accrued interest from both the fair value and the amortized cost basis of its available-for-sale debt securities for the purposes of identifying and measuring an impairment and to not measure an allowance for expected credit losses for accrued interest receivables. Accrued interest receivable is written off through net realized investment gains (losses) at the time the issuer of the bond defaults or is expected to default on payment. The Company presents the accrued interest receivable balance in prepaid expenses and other current assets in the unaudited condensed consolidated balance sheets. Accrued interest receivable related to marketable securities as of March 31, 2025 and December 31, 2024 was $1.3 million and $0.8 million, respectively.

The Company did not have any investments in a continual unrealized loss position for greater than 12 months as of March 31, 2025 and December 31, 2024.