As of June 30, 2025, the Company held $158.7 million in cash and cash equivalents and $72.3 million of marketable securities which are reported at fair value on the Company's Consolidated Balance Sheets. Unrealized holding gains and losses are generally reported within other comprehensive income (loss) in the Consolidated Statements of Comprehensive Income (Loss). If a decline in the fair value of a marketable security below the Company's cost basis is determined to be other-than-temporary or if an available-for-sale debt security’s fair value is determined to be less than the amortized cost and the Company intends or is more than likely to sell the security before recovery and it is not considered a credit loss, such security is written down to its estimated fair value as a new cost basis and the amount of the write-down is included in the Consolidated Statements of Operations as an impairment charge. If the unrealized loss of an available-for-sale debt security is determined to be a result of credit loss, the Company would recognize an allowance and the corresponding credit loss would be included in the Consolidated Statements of Operations.

The Company regularly invests excess operating cash in deposits with major financial institutions, money market funds, notes issued by the U.S. government, as well as fixed income investments and U.S. bond funds, both of which can be readily purchased and sold using established markets. The Company believes that the market risk arising from its holdings of these financial instruments is mitigated as, in accordance with Company policy, such securities are of high credit rating. Investments that have original maturities greater than three months but less than one year are classified as current. All marketable securities represent the investment of funds available for current operations, notwithstanding their contractual maturities.


	As of June 30, 2025
(in thousands)	Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Cash and cash equivalents	$	158,702	$	—	$	—	$	158,702
Commercial paper	32,124		—		(8)		32,116
U.S. government agency bonds	27,580		62		(3)		27,639
Corporate debt securities	12,370		19		(1)		12,388
Money market	100		—		—		100
Certificates of deposit	53		—		—		53
	$	230,929	$	81	$	(12)	$	230,998
Included in cash and cash equivalents	$	158,702	$	—	$	—	$	158,702
Included in marketable securities	72,227		81		(12)		72,296
Total cash, cash equivalents, and marketable securities	$	230,929	$	81	$	(12)	$	230,998


	As of December 31, 2024
(in thousands)	Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Cash and cash equivalents	$	213,752	$	—	$	—	$	213,752
Commercial paper	18,082		3		(4)		18,081
U.S. government agency bonds	16,524		1		(7)		16,518
Corporate debt securities	1,446		—		(2)		1,444
Money market	100		—		—		100
Certificate of deposit	51		—		—		51
	$	249,955	$	4	$	(13)	$	249,946
Included in cash and cash equivalents	$	213,752	$	—	$	—	$	213,752
Included in marketable securities	36,203		4		(13)		36,194
Total cash, cash equivalents, and marketable securities	$	249,955	$	4	$	(13)	$	249,946

Unrealized loss positions in the marketable securities as of June 30, 2025 reflect temporary impairments and are not a result of credit loss. Additionally, as these positions have been in a loss position for less than twelve months and the Company does not intend to sell these securities before recovery, the losses are recognized as a component of other comprehensive income (loss). The fair value of these marketable securities in unrealized loss positions are $37.1 million and $23.7 million as of June 30, 2025 and December 31, 2024, respectively.