v3.25.3
Marketable Debt Securities
9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Marketable Debt Securities

4. Marketable Debt Securities

Marketable debt securities, all of which were classified as available-for-sale, consist of the following (in thousands):

 

 

September 30, 2025

 

 

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Aggregate
Fair Value

 

Marketable debt securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

67,268

 

 

$

69

 

 

$

 

 

$

67,337

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Aggregate
Fair Value

 

Marketable debt securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

107,288

 

 

$

170

 

 

$

 

 

$

107,458

 

As of September 30, 2025, the remaining contractual terms of the U.S. Treasury securities were less than 12 months.

To date, the Company has not recognized any allowances for credit losses or impairments in relation to its marketable securities as these securities are comprised of high credit quality, investment grade securities that the Company does not intend or expect to be required to sell prior to their anticipated recovery.

Interest and investment income consists of the following (in thousands):

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Interest income

$

242

 

 

$

194

 

 

$

425

 

 

$

843

 

Accretion of discount, net

 

532

 

 

 

1,652

 

 

 

2,585

 

 

 

4,576

 

Total interest and investment income

$

774

 

 

$

1,846

 

 

$

3,010

 

 

$

5,419