Cash Equivalents — Cash equivalents consist of highly liquid investments with original maturities of 90 days or less at the time of purchase that are readily convertible into cash.

Available-for-Sale Investments Portfolio —The Company's investments portfolio consists of highly liquid money market funds, commercial bonds and paper, and U.S. Treasury securities (collectively, the "Investments") for which the Company has accounted for as available-for-sale effective October 1, 2024.

The contractual maturities of the Investments are summarized below (in thousands):


	June 30, 2025				December 31, 2024
	Available-for-Sale Investments				Held-to-Maturity Investments
	Amortized Cost Basis		Aggregate Fair Value		Amortized Cost Basis		Aggregate Fair Value
Due in one year or less(1)	$	144,549	$	144,531	$	165,466	$	165,662
Due after one year through five years		22,234		22,240		5,498		5,482
Total	$	166,783	$	166,771	$	170,964	$	171,144

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The fair value of the Investments are disclosed below (dollars in thousands):


	June 30, 2025
Available-for-Sale Investments	Investment Level	Amortized Cost (Carrying Value)			Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Estimated Fair Value
Money market funds and other	Level 1	$	22,552		$	—	$	—		$	22,552
Commercial bonds and paper	Level 2		52,818			25		(21	)		52,822
U.S. Treasury securities	Level 2		91,413			22		(38	)		91,397
Total cash equivalents and investments			166,783			47		(59	)		166,771
Less: cash equivalents			(22,552	)		—		—			(22,552	)
Total Investments		$	144,231		$	47	$	(59	)	$	144,219


	December 31, 2024
Available-for-Sale Investments	Investment Level	Amortized Cost (Carrying Value)			Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Estimated Fair Value
Money market funds	Level 1	$	14,745		$	—	$	—		$	14,745
Commercial bonds and paper	Level 2		44,145			49		(24	)		44,170
U.S. Treasury securities	Level 2		112,074			184		(29	)		112,229
Total cash equivalents and investments			170,964			233		(53	)		171,144
Less: cash equivalents			(14,745	)		—		—			(14,745	)
Total Investments		$	156,219		$	233	$	(53	)	$	156,399

As of June 30, 2025 and December 31, 2024, there was $0.9 million and $1.0 million, respectively, of accrued interest receivable on investments which is included in prepaid expense and other current assets in our condensed consolidated balance sheets.

Available-for-Sale Investment — Thirona — In June 2021, the Company purchased a $3.0 million convertible promissory note issued by Thirona. In January 2022, the Company purchased an additional $5.0 million convertible promissory note issued by Thirona (the "Thirona convertible notes"). The Thirona convertible notes are general unsecured obligations of Thirona and initially accrued interest at a rate of 6% per annum. Unless earlier converted into conversion shares pursuant to the note purchase agreement, the aggregate principal of $8.0 million and accrued interest shall be due and payable by Thirona on demand by the Company at any time after the maturity date. The Thirona convertible notes were amended in February 2023 to extend the maturity date from December 31, 2022 to June 30, 2024, and again on June 27, 2024 to extend the maturity date to June 30, 2026 and increase the interest rate to 10% per annum. The Thirona convertible notes were included in prepaid expense and other current assets as of June 30, 2025 and December 31, 2024 in the condensed consolidated balance sheets.

The Company evaluates the fair value of its investment in Thirona by applying a scenario based model with hypothetical yield of 38.0% and 28.0%, and volatility of 70.0% as of June 30, 2025 and December 31, 2024, respectively. As of June 30, 2025 and December 31, 2024, the fair value of the Company's investment in Thirona was $6.6 million and $6.3 million, respectively. For the three and six months ended June 30, 2025, the Company recorded an unrealized holding gain of $0.2 million and $0.3 million, respectively. For the three and six months ended June 30, 2024, the Company recognized a loss of $1.6 million on its investment in Thirona as a result of modification of the Thirona convertible notes. No interest income on the Company's investment in Thirona was recognized for the three and six months ended June 30, 2025 or 2024.