The Company classified short-term investments as available-for-sale securities, as the sale of such investments may be required prior to maturity to implement management strategies. The following tables summarize short-term investments as of June 30, 2025 and December 31, 2024:


	As of June 30, 2025
			Unrealized
(in thousands)	Amortized Cost		Gains		Losses		Estimated Fair Value
Government securities	$	23,336	$	2	$	(4)	$	23,334
Total short-term investments	$	23,336	$	2	$	(4)	$	23,334


	As of December 31, 2024
			Unrealized
(in thousands)	Amortized Cost		Gains		Losses		Estimated Fair Value
Government and agency securities	$	31,719	$	30	$	(3)	$	31,746
Asset-backed securities	90		—		—		90
Total short-term investments	$	31,809	$	30	$	(3)	$	31,836

The Company classified all investments with maturity dates beyond three months at the date of purchase as short-term investments in the condensed consolidated balance sheets based upon its ability and intent to use the investments to satisfy the liquidity needs of current operations. The following table summarizes available-for-sale investments by maturity as of June 30, 2025:


(in thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	23,336	$	23,334
Due after one year	—		—
Total short-term investments	$	23,336	$	23,334

The following tables summarize the Company’s available-for-sale investments’ gross unrealized losses and fair value aggregated by investment category and the length of time that individual securities have been in a continuous loss position, as of June 30, 2025 and December 31, 2024:


	As of June 30, 2025
	Less than 12 months					More than 12 months					Total
(in thousands)	Count	Fair Value		Unrealized Losses		Count	Fair Value		Unrealized Losses		Count	Fair Value		Unrealized Losses
Government securities	12	$	14,929	$	(4)	—	$	—	$	—	12	$	14,929	$	(4)
	12	$	14,929	$	(4)	—	$	—	$	—	12	$	14,929	$	(4)


	As of December 31, 2024
	Less than 12 months					More than 12 months					Total
(in thousands)	Count	Fair Value		Unrealized Losses		Count	Fair Value		Unrealized Losses		Count	Fair Value		Unrealized Losses
Government and agency securities	2	$	2,930	$	(3)	—	$	—	$	—	2	$	2,930	$	(3)
	2	$	2,930	$	(3)	—	$	—	$	—	2	$	2,930	$	(3)

The Company had certain available-for-sale debt securities in an unrealized loss position without an allowance for credit loss as of June 30, 2025. Unrealized losses on these debt securities have not been recognized into income because (1) the issuers have high credit quality, (2) management does not intend to sell and it is likely that management will not be required to sell these securities prior to their anticipated recovery and (3) the decline in fair value is largely due to market conditions and/or changes in interest rates. The issuers continue to make timely interest payments on the securities, and the fair value is expected to recover as the bonds approach maturity.