Cash Equivalents and Marketable Securities

6 Months Ended

Jun. 30, 2025

Cash Equivalents and Marketable Securities [Abstract]

Cash Equivalents and Marketable Securities

4. Cash Equivalents and Marketable Securities

The Company’s investments consist of marketable securities classified as available-for-sale. The following tables provide a summary of the estimated fair value of the Company’s cash equivalents and marketable securities:


	June 30, 2025									Classification
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value		Short-term		Long-term
Cash equivalents:
Money market funds	$	11,951	$	—	$	—		$	11,951	$	11,951	$	—
Total cash equivalents	$	11,951	$	—	$	—		$	11,951	$	11,951	$	—

Marketable securities:
U.S. treasury securities	$	214,486	$	117	$	(45	)	$	214,558	$	191,697	$	22,861
Certificate of deposit		3,500		1		—			3,501		3,501		—
U.S. government agency securities		20,010		10		(15	)		20,005		4,881		15,124
Corporate debt securities		57,763		32		(2	)		57,793		44,073		13,720
Total marketable securities	$	295,759	$	160	$	(62	)	$	295,857	$	244,152	$	51,705


	December 31, 2024									Classification
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value		Short-term		Long-term
Cash equivalents:
Money market funds	$	19,742	$	—	$	—		$	19,742	$	19,742	$	—
Corporate debt securities		2,204		—		—			2,204		2,204		—
Total cash equivalents	$	21,946	$	—	$	—		$	21,946	$	21,946	$	—

Marketable securities:
U.S. treasury securities	$	257,334	$	198	$	(130	)	$	257,402	$	186,552	$	70,850
U.S. government agency securities		6,946		2		(5	)		6,943		3,928		3,015
Corporate debt securities		69,791		45		(4	)		69,832		61,969		7,863
Total marketable securities	$	334,071	$	245	$	(139	)	$	334,177	$	252,449	$	81,728

As of June 30, 2025 and December 31, 2024, marketable securities within the corporate debt securities line item includes both commercial paper and corporate debt securities. Commercial paper held at both June 30, 2025 and December 31, 2024 were classified as short-term securities.

Interest and Investment Income

The following table provides a summary of the components of interest and investment income:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Interest income	$	2,305	$	4,286	$	4,197	$	7,990
Accretion of discount on marketable securities, net		1,098		422		2,997		940
Total interest and investment income	$	3,403	$	4,708	$	7,194	$	8,930

Dianthus Therapeutics, Inc. /DE/ 10-Q