The following tables show the Company’s short-term investments and cash equivalents by significant investment category as of June 30, 2025 and December 31, 2024 (in thousands):


		As of June 30, 2025								As of December 31, 2024
		Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value		Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value
Money Market Funds	Level 1	$	67,627	$	—	$	(4)	$	67,623	$	54,825	$	—	$	—	$	54,825
U.S. Treasury securities	Level 2	2,473		—		—		2,473		9,968		7		—		9,975
U.S. Government agency securities	Level 2	45,156		34		—		45,190		77,769		235		—		78,004
Corporate debt securities	Level 2	133,414		13		(44)		133,383		196,479		160		(82)		196,557
Total financial assets		$	248,670	$	47	$	(48)	$	248,669	$	339,041	$	402	$	(82)	$	339,361


	As of June 30, 2025								As of December 31, 2024
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value		Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value
Classified as:
Cash equivalents	$	72,620	$	—	$	(4)	$	72,616	$	54,825	$	—	$	—	$	54,825
Short-term investments	176,050		47		(44)		176,053		284,216		402		(82)		284,536
Total	$	248,670	$	47	$	(48)	$	248,669	$	339,041	$	402	$	(82)	$	339,361