The Company has classified its marketable securities as available-for-sale. The Company’s cash, cash equivalents and marketable securities by major security type as of June 30, 2025 and December 31, 2024, were as follows (in thousands):


	June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash and cash equivalents:
Cash	$	1,131	$	—	$	—		$	1,131
Money market funds		3,885		—		—			3,885
Total cash and cash equivalents		5,016		—		—			5,016
Current marketable securities:
Commercial paper		2,956		—		(2	)		2,954
Corporate debt securities		29,080		39		(3	)		29,116
Municipal debt securities		3,070		4		—			3,074
Total current marketable securities		35,106		43		(5	)		35,144
Long-term marketable securities:
Corporate debt securities		49,188		129		(9	)		49,308
Municipal debt securities		5,632		9		—			5,641
U.S. federal agency securities		13,424		—		(22	)		13,402
Total long-term marketable securities		68,244		138		(31	)		68,351
Total cash, cash equivalents and marketable securities	$	108,366	$	181	$	(36	)	$	108,511


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash and cash equivalents:
Cash	$	1,983	$	—	$	—		$	1,983
Money market funds		2,060		—		—			2,060
Total cash and cash equivalents		4,043		—		—			4,043
Current marketable securities:
Commercial paper		1,449		—		(3	)		1,446
Corporate debt securities		26,701		84		—			26,785
U.S. federal agency securities		9,453		8		(2	)		9,459
U.S. government securities		4,502		1		—			4,503
Total current marketable securities		42,105		93		(5	)		42,193
Long-term marketable securities:
Corporate debt securities		16,066		36		(5	)		16,097
Municipal debt securities		3,072		—		—			3,072
U.S. federal agency securities		2,863		—		(59	)		2,804
Total long-term marketable securities		22,001		36		(64	)		21,973
Total cash, cash equivalents and marketable securities	$	68,149	$	129	$	(69	)	$	68,209

The following tables summarize the Company’s available-for-sale debt securities and cash equivalents with unrealized losses as of June 30, 2025 and December 31, 2024, aggregated by major security type and the length of time that individual securities have been in a continuous loss position (in thousands):


	June 30, 2025
	Less than 12 months					12 months or greater				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Commercial paper	$	2,954	$	(2	)	$	—	$	—	$	2,954	$	(2	)
Corporate debt securities		10,595		(12	)		—		—		10,595		(12	)
U.S. federal agency securities		13,402		(22	)		—		—		13,402		(22	)
Total	$	26,951	$	(36	)	$	—	$	—	$	26,951	$	(36	)


	December 31, 2024
	Less than 12 months					12 months or greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Commercial paper	$	1,446	$	(3	)	$	—	$	—		$	1,446	$	(3	)
Corporate debt securities		4,059		(5	)		—		—			4,059		(5	)
U.S. federal agency securities		2,804		(59	)		3,021		(2	)		5,825		(61	)
Total	$	8,309	$	(67	)	$	3,021	$	(2	)	$	11,330	$	(69	)

As of June 30, 2025 and December 31, 2024, the Company had not recorded any allowance for credit losses related to its available-for-sale securities. The Company attributes the declines in the fair value of its available-for-sale securities to normal market and interest rate fluctuations. The declines in fair value are not attributed to declines in credit quality. The Company does not intend to sell investments while they are in an unrealized loss position and does not believe that it is more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity. All of the Company’s investments mature in less than three years.

During the six months ended June 30, 2025, the Company received approximately $2.5 million in proceeds from the sale of an available-for-sale security prior to maturity. There was an immaterial amount of gain realized on the sale.