Marketable Securities

6 Months Ended

Jun. 30, 2025

3. Marketable Securities

Marketable securities consist of the following:


	June 30, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(in thousands)	Cost		Gain		Loss		Fair Value
Corporate bonds	$	22,944	$	5	$	(11)	$	22,938
U.S. Treasury and Government agencies		7,479		—		(1)		7,478
Total	$	30,423	$	5	$	(12)	$	30,416


	December 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(in thousands)	Cost		Gain		Loss		Fair Value
Corporate bonds	$	32,515	$	22	$	(20)	$	32,517
U.S. Treasury and Government agencies		8,375		2		—		8,377
Total	$	40,890	$	24	$	(20)	$	40,894

The Company uses the specific identification method when calculating realized gains and losses. The Company did not realize any gains or losses on available-for-sale securities for the three and six months ended June 30, 2025 and 2024.

The Company reviewed all investments which were in a loss position at the respective balance sheet dates, as well as the remainder of the portfolio. As of June 30, 2025, the Company had investments with a total fair market value of $19.4 million in an immaterial unrealized loss position, of which none were in a continuous unrealized loss position for more than twelve months. The Company analyzed the unrealized losses and determined that market conditions were the primary factor driving these changes, and such unrealized losses are temporary as the Company anticipates a full recovery of the amortized cost basis of these securities at maturity. After analyzing the securities in an unrealized loss position, the portion of these losses that relates to changes in credit quality is insignificant. The Company does not intend to sell these securities, nor is it more likely than not that the Company will be required to sell them prior to the end of their contractual terms. Furthermore, the Company does not believe that these securities expose the Company to undue market risk or counterparty credit risk.

The following table summarizes maturities of the Company’s investments available-for-sale as of June 30, 2025:


	June 30, 2025
			Fair
(in thousands)	Cost		Value
Maturities:
Within 1 year	$	25,674	$	25,666
Over 1 year		4,749		4,750
Total investments available-for-sale	$	30,423	$	30,416

The Company has elected to report interest receivable from its marketable securities with prepaid expenses and other current assets on its balance sheet. Interest receivable included in prepaid expenses and other current assets totaled $0.2 million and $0.3 million as of June 30, 2025 and December 31, 2024, respectively.

NextCure, Inc. 10-Q