Short-Term Investments

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

The Company invests in marketable securities primarily consisting of debt instruments of the United States Government, United States Government-sponsored enterprises, and financial institutions and corporations with strong credit ratings. The following represents a summary of the estimated fair value of short-term investments at June 30, 2025 and December 31, 2024 (in thousands):


At June 30, 2025	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value
Available-for-sale securities:
United States Government-sponsored enterprises	$	105,369	$	640	$	—	$	106,009
United States Treasury securities	72,791		63		(51)		72,803
Commercial paper	1,726		—		(1)		1,725
Corporate debt securities	70,600		122		(10)		70,712


Total	$	250,486	$	825	$	(62)	$	251,249


At December 31, 2024	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value
Available-for-sale securities:
United States Government-sponsored enterprises	$	133,139	$	275	$	(134)	$	133,280
United States Treasury securities	103,645		197		(140)		103,702
Commercial paper	23,225		39		—		23,264
Corporate debt securities	105,635		248		(47)		105,836
Foreign government bonds	3,013		—		—		3,013

Total	$	368,657	$	759	$	(321)	$	369,095

The contractual maturities of available-for-sale debt securities as of June 30, 2025, were as follows (in thousands):


	Years to Maturity
At June 30, 2025	Within One Year		One to Two Years		Two to Three Years		Estimated Fair Value
United States Government-sponsored enterprises	$	13,244	$	82,700	$	10,065	$	106,009
United States Treasury securities	61,902		10,901		—		72,803
Commercial paper	1,725		—		—		1,725
Corporate debt securities	35,147		35,565		—		70,712


Total	$	112,018	$	129,166	$	10,065	$	251,249

The Company has classified all marketable securities, regardless of maturity, as short-term investments based upon the Company’s ability and intent to use any of those marketable securities to satisfy the Company’s liquidity requirements.

The Company reviews the portfolio of available-for-sale debt securities quarterly to determine if any investment is impaired due to changes in credit risk or other potential valuation concerns. Unrealized losses on available-for-sale debt securities at June 30, 2025 were primarily due to an increase in market interest rates after certain debt securities were purchased, and the balance was not material to the Company’s quarterly results.