v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company measures the fair value of money market funds based on quoted prices in active markets for identical securities. Investments also include commercial paper, government securities, and corporate debt securities which are valued either based on recent trades of securities in inactive markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. The carrying amounts reflected in the condensed consolidated balance sheets for cash, prepaid expenses and other current assets, accounts payable, and accrued expenses and other current liabilities approximate their fair values, due to their short-term nature.
Assets measured at fair value on a recurring basis as of March 31, 2025 were as follows (in thousands):
Total
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Cash equivalents and short-term investments:
Money market funds, included in cash equivalents$28,927 $28,927 $— $— 
Commercial paper
46,315 — 46,315 — 
Government securities
53,955 40,529 13,426 — 
Corporate debt securities
113,706 — 113,706 — 
Total cash equivalents and short-term investments242,903 69,456 173,447 — 
Long-term investments:
Government securities9,914 9,914 — — 
Corporate debt securities
16,086 — 16,086 — 
Total long-term investments26,000 9,914 16,086 — 
Total cash equivalents and investments$268,903 $79,370 $189,533 $— 
Assets measured at fair value on a recurring basis as of December 31, 2024 were as follows (in thousands):

Total
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Cash equivalents and short-term investments:
Money market funds, included in cash equivalents$23,324 $23,324 $— $— 
Commercial paper
46,773 — 46,773 — 
Government securities
59,170 46,813 12,357 — 
Corporate debt securities
121,854 — 121,854 — 
Total cash equivalents and short-term investments251,121 70,137 180,984 — 
Long-term investments:
Government securities10,888 10,888 — — 
Corporate debt securities
25,745 — 25,745 — 
Total long-term investments36,633 10,888 25,745 — 
Total cash equivalents and investments$287,754 $81,025 $206,729 $— 
There were no liabilities measured at fair value on a recurring basis as of March 31, 2025 or December 31, 2024. There were no changes in valuation techniques, nor were there any transfers among the fair value hierarchy levels during the three months ended March 31, 2025 or during the year ended December 31, 2024.