The Company’s investments in marketable securities are classified and accounted for as available-for-sale and consist of high quality asset-backed securities, commercial paper, corporate bonds and U.S. Government debt securities. The Company’s marketable securities with remaining effective maturities of 12 months or less from the balance sheet date are classified as current; otherwise, they are classified as non-current on the accompanying Condensed Consolidated Balance Sheets. Commercial paper and corporate bonds and U.S. Government debt securities are classified as current assets while asset-backed securities are classified as non-current assets. Unrealized gains and losses on marketable securities classified as available-for-sale are recognized in other comprehensive income (loss).


	As of September 30, 2025
	Amortized Cost		Gross Unrealized Gain		Estimated Fair Value


U.S. Government debt securities	$	1,732	$	1	$	1,733
Total available-for-sale securities	$	1,732	$	1	$	1,733


	As of December 31, 2024
	Amortized Cost		Gross Unrealized Gain		Estimated Fair Value


U.S. Government debt securities	$	5,184	$	3	$	5,187
Total available-for-sale securities	$	5,184	$	3	$	5,187


	As of September 30, 2025
	Amortized Cost		Estimated Fair Value
Due in less than one year	$	1,732	$	1,733
Due in one to five years	—		—
Total investments	$	1,732	$	1,733


	As of December 31, 2024
	Amortized Cost		Estimated Fair Value
Due in less than one year	$	5,184	$	5,187
Due in one to five years	—		—
Total investments	$	5,184	$	5,187

The Company regularly reviews its investment portfolio to identify and evaluate investments that have indications of possible impairment. Investments that are impaired are those that are considered to have losses that are other-than-temporary. Factors considered in determining whether a loss is temporary include:

For the three and nine months ended September 30, 2025, the Company received $2.0 million and $10.3 million, respectively, of proceeds from maturities and call redemptions and recorded minimal realized losses from the sale of available-for-sale securities. For the three and nine months ended September 30, 2024, the Company received $15.8 million and $89.1 million, respectively, of proceeds from maturities and call redemptions, recorded minimal realized losses from the sale of available-for-sale securities and received no proceeds from sales. Gains and losses are determined using the specific identification method, whereby realized gains and losses are calculated based on the historical cost of the specific available-for-sale securities sold, matured or redeemed.

The Company holds an equity investment in a privately held company consisting of 654,000 shares of common stock. The investment does not have a readily determinable fair value and is accounted for under the measurement alternative in accordance with ASC 321, Equity Securities. Accordingly, the investment is carried at cost, adjusted for observable price changes in orderly transactions for the identical or a similar investment of the same issuer, less any impairment. See Note 8. Fair Value Measurements and Concentrations of Credit Risk.

During the three months ended December 31, 2025, the privately held company entered into a definitive agreement to be acquired by a third-party. The Company did not record any adjustment to the carrying value of the investment as of September 30, 2025 since the transaction has not been finalized and is subject to customary closing conditions and regulatory approval. The Company will evaluate the impact of the transaction on the fair value of the investment in future reporting periods.