The Company’s cash equivalents are classified within Level 1 and Level 2 of the fair value hierarchy. The Company’s investments in marketable securities are classified within Level 2 of the fair value hierarchy.

The fair values of the Company’s marketable securities are based on prices obtained from independent pricing sources. Consistent with the fair value hierarchy described in Note 2, Summary of Significant Accounting Policies, marketable securities with validated quotes from pricing services are reflected within Level 2, as they are primarily based on observable pricing for similar assets or other market observable inputs. Typical inputs used by these pricing services include, but are not limited to, reported trades, benchmark yields, issuer spreads, bids, offers or estimates of cash flow, prepayment spreads and default rates. The Company performs validation procedures to ensure the reasonableness of this data. The Company performs its own review of prices received from the independent pricing services by comparing these prices to other sources. After completing the validation procedures, the Company did not adjust or override any fair value measurements provided by the pricing services as of March 31, 2025 and December 31, 2024.

The following tables summarize the Company’s cash equivalents and marketable securities as of March 31, 2025 and December 31, 2024:


	March 31, 2025
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Cash equivalents:
Money market funds	$	42,139	$	42,139	$	—	$	—
Total cash equivalents		42,139		42,139		—		—
Marketable securities:
U.S. government securities		17,916		—		17,916		—
U.S. corporate bonds		253,414		—		253,414		—
International corporate bonds		51,931		—		51,931		—
U.S. commercial paper		19,824		—		19,824		—
International commercial paper		28,358		—		28,358		—
U.S. certificates of deposit		2,097		—		2,097		—
U.S. municipal securities		5,090		—		5,090		—
Total marketable securities		378,630		—		378,630		—
	$	420,769	$	42,139	$	378,630	$	—


	December 31, 2024
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Cash equivalents:
Money market funds	$	73,845	$	73,845	$	—	$	—
U.S. government securities		5,397		—		5,397		—
U.S. commercial paper		997		—		997		—
Total cash equivalents		80,239		73,845		6,394		—
Marketable securities:
U.S. government securities		36,457		—		36,457		—
U.S. corporate bonds		269,013		—		269,013		—
International corporate bonds		52,461		—		52,461		—
U.S. commercial paper		30,373		—		30,373		—
International commercial paper		24,144		—		24,144		—
U.S. certificates of deposit		900		—		900		—
U.S. municipal securities		10,049		—		10,049		—
Total marketable securities		423,397		—		423,397		—
	$	503,636	$	73,845	$	429,791	$	—

During the three months ended March 31, 2025 and 2024, there were no transfers among the Level 1, Level 2 and Level 3 categories.