Note 3 – Cash Equivalents and Investments

As of June 30, 2025, the Company had money market accounts and available-for-sale investments with contractual maturities of three months or less categorized as cash equivalents as follows:

As of June 30, 2025, there were no available-for-sale investments in an unrealized-loss position.

As of  December 31, 2024, the Company had money market accounts and available-for-sale investments with contractual maturities of three months or less categorized as cash equivalents as follows:

As of December 31, 2024, there were no available-for-sale securities in an unrealized-loss position.

As of June 30, 2025, and December 31, 2024, the Company had held-to-maturity investments (U.S. Treasury securities) with contractual maturities of over three months to one year. These investments are reported as held-to-maturity because the Company has both the positive intent and ability to hold these investments to maturity; they are stated at amortized cost, adjusted for the amortization of any related premiums or the accretion of any related discounts into interest income. 

As of June 30, 2025, and December 31, 2024, held-to-maturity investments had a combined book value of $13.7 million and $14.4 million, respectively. 

As of June 30, 2025, the aggregate fair value of three held-to-maturity securities was $2,931 lower than the recorded amortized cost. The Company has assessed these securities for credit impairment and has determined that no impairment exists and that there is no material impact on the Company’s liquidity or cash flows. U.S. Treasury securities have a low level of inherent credit risk, and the change in fair value reflects market movements rather than concern about credit quality.

As of December 31, 2024, there were no held-to-maturity securities in an unrealized-loss position.

See Note 2 for additional discussion regarding the Company’s fair value measurements.