| Cash Equivalents and Marketable Securities |
3. Cash Equivalents and Marketable Securities The following tables summarize the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category for the periods indicated:
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June 30, 2025 |
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Amortized
Cost |
|
|
Gross
Unrealized
Gain |
|
|
Gross
Unrealized
Loss |
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Estimated
Fair Value |
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(in thousands) |
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Cash equivalents: |
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|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
57,780 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
57,780 |
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Commercial paper |
|
|
990 |
|
|
|
- |
|
|
|
- |
|
|
|
990 |
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Total cash equivalents |
|
$ |
58,770 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
58,770 |
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Marketable securities: |
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|
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|
|
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Commercial paper |
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|
68,234 |
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|
|
— |
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|
|
(10 |
) |
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|
68,224 |
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Certificates of deposit |
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|
607 |
|
|
|
— |
|
|
|
— |
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|
|
607 |
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U.S. government securities |
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|
11,956 |
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|
|
— |
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|
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(3 |
) |
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|
11,953 |
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Corporate debt securities |
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|
12,283 |
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|
|
— |
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|
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(2 |
) |
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|
12,281 |
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Total marketable securities |
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|
93,080 |
|
|
|
— |
|
|
|
(15 |
) |
|
|
93,065 |
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Total cash equivalents and marketable securities |
|
$ |
151,850 |
|
|
$ |
— |
|
|
$ |
(15 |
) |
|
$ |
151,835 |
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December 31, 2024 |
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Amortized
Cost |
|
|
Gross
Unrealized
Gain |
|
|
Gross
Unrealized
Loss |
|
|
Estimated
Fair Value |
|
|
|
(in thousands) |
|
Cash equivalents: |
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|
|
|
|
|
|
|
|
|
|
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Money market funds |
|
$ |
94,411 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
94,411 |
|
Commercial paper |
|
|
30,875 |
|
|
|
6 |
|
|
|
— |
|
|
|
30,881 |
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Total cash equivalents |
|
$ |
125,286 |
|
|
$ |
6 |
|
|
$ |
— |
|
|
$ |
125,292 |
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Marketable securities: |
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|
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|
|
|
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Commercial paper |
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$ |
61,374 |
|
|
$ |
11 |
|
|
$ |
(2 |
) |
|
$ |
61,383 |
|
Certificates of deposit |
|
$ |
1,918 |
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|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,918 |
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U.S. government securities |
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|
74,411 |
|
|
|
36 |
|
|
|
(3 |
) |
|
|
74,444 |
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Corporate debt securities |
|
|
27,671 |
|
|
|
17 |
|
|
|
(3 |
) |
|
|
27,685 |
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Total marketable securities |
|
|
165,374 |
|
|
|
64 |
|
|
|
(8 |
) |
|
|
165,430 |
|
Total cash equivalents and marketable securities |
|
$ |
290,660 |
|
|
$ |
70 |
|
|
$ |
(8 |
) |
|
$ |
290,722 |
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As of June 30, 2025, the Company has not realized any material gains or losses on its marketable securities, including any impairment charges on its securities related to expected credit losses. As of June 30, 2025, the aggregate difference between the amortized cost and fair value of each security in an unrealized loss position was de minimis. Since any provision for expected credit losses for a security held is limited to the amount the fair value is less than its amortized cost, no allowance for expected credit loss was deemed necessary at June 30, 2025 (see Note 4).
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