v3.25.2
MARKETABLE SECURITIES
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE SECURITIES MARKETABLE SECURITIES

The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of our marketable securities by type of security as of June 30, 2025 and December 31, 2024 was as follows:
JUNE 30, 2025
(in thousands)Fair Value Hierarchy LevelAmortized CostGross Unrealized Holding GainsGross Unrealized Holding Losses Fair Value
Money market fundsLevel 1$5,425 $— $— $5,425 
U.S. treasury securitiesLevel 129,896 19 (8)29,907 
U.S. government agency securitiesLevel 26,391 8 (2)6,397 
$41,712 $27 $(10)$41,729 
DECEMBER 31, 2024
(in thousands)Fair Value Hierarchy LevelAmortized CostGross Unrealized Holding GainsGross Unrealized Holding Losses Fair Value
Money market fundsLevel 1$8,705 $— $— $8,705 
U.S. treasury securitiesLevel 134,316 54 (15)34,355 
U.S. government agency securitiesLevel 217,224 32 (3)17,253 
$60,245 $86 $(18)$60,313 
The fair values of marketable securities by classification in the condensed consolidated balance sheets was as follows as of June 30, 2025 and December 31, 2024:
(in thousands)JUNE 30, 2025DECEMBER 31, 2024
Cash and cash equivalents$5,425 $8,705 
Marketable securities36,304 51,608 
$41,729 $60,313 
The fair values of available-for-sale debt securities as of June 30, 2025 and December 31, 2024, by contractual maturity, are summarized as follows:
(in thousands)JUNE 30, 2025DECEMBER 31, 2024
Due in one year or less$41,729 $51,357 
Due after one year through two years— 8,956 
$41,729 $60,313 
The aggregate fair value of available-for-sale debt securities in an unrealized loss position as of June 30, 2025 and December 31, 2024 was $15.4 million and $10.4 million, respectively. As of June 30, 2025, we did not have any investments in a continuous unrealized loss position for more than twelve months. As of June 30, 2025, we believe that the cost basis of our available-for-sale debt securities is recoverable. No allowance for credit losses was recorded as of June 30, 2025 and December 31, 2024.