The Company invests in available-for-sale securities that consist of U.S. Treasury Securities, U.S. Agency bonds, commercial paper, certificates of deposit, corporate debt securities and asset-backed securities.

The Company’s available-for-sale securities that are measured at fair value on a recurring basis consisted of the following (in thousands):


		June 30, 2025
	Maturities	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Available-for-sale securities
Securities of U.S. government and government agencies	Within one year	$	53,959	$	14	$	(12	)	$	53,961
Commercial paper	Within one year		31,728		4		(6	)		31,726
Certificates of deposit	Within one year		1,720		2		-			1,722
Corporate debt securities	Within one year		67,054		13		(9	)		67,058
Asset-backed securities	Within three years		8,265		1		(4	)		8,262
Total available-for-sale securities		$	162,726	$	34	$	(31	)	$	162,729

		December 31, 2024
	Maturities	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Available-for-sale securities
Securities of U.S. government and government agencies	Within two years	$	51,500	$	13	$	(13	)	$	51,500
Commercial paper	Within one year		44,480		7		(14	)		44,473
Corporate debt securities	Within one year		64,615		1		(46	)		64,570
Asset-backed securities	Within four years		4,792		1		-			4,793
Total available-for-sale securities		$	165,387	$	22	$	(73	)	$	165,336

The Company’s available-for-sale securities are classified as current assets, even though the stated maturity date may be one year or more beyond the current balance sheet date, which reflects management’s intention to use the proceeds from sales of these securities to fund operations as needed. At June 30, 2025, there were 71 available-for-sale securities with a fair value of $98.7 million that were in a gross unrealized loss position for less than 12 months and none that were in a gross unrealized loss position for 12 months or more. The Company determined it is not “more likely than not” that it will be required to sell these securities prior to recovery of their amortized cost basis. As such, the Company did not record a credit allowance as of either June 30, 2025 or December 31, 2024. Accrued interest receivable on the Company’s available-for-sale securities was de minimis and $0.2 million as of June 30, 2025 and December 31, 2024, respectively. For the three and six months ended June 30, 2025 and 2024, the Company did not write off any accrued interest receivables, and there were no realized gains or losses.