v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type are presented in the following table (in thousands):
 March 31, 2025
 Level 1Level 2Level 3Total
Financial assets:   
Money market funds$182,259 $— $— $182,259 
U.S. treasury bills4,981 — — 4,981 
Corporate debt securities— 54,457 — 54,457 
U.S. government bonds— 24,918 — 24,918 
Commercial paper— 2,408 — 2,408 
Total financial assets$187,240 $81,783 $— $269,023 
 December 31, 2024
 Level 1Level 2Level 3Total
Financial assets:    
Money market funds$202,965 $— $— $202,965 
U.S. treasury bills$2,964 $— $— $2,964 
Corporate debt securities$— $37,978 $— $37,978 
U.S. government bonds$— $26,904 $— $26,904 
Agency bonds$— $2,492 $— $2,492 
Total financial assets$205,929 $67,374 $— $273,303 
The carrying amounts of certain financial instruments such as cash and cash equivalents, accounts receivable, prepaid expenses, other current assets, accounts payable and accrued expenses as of March 31, 2025 and December 31, 2024 approximate their related fair values due to their short-term nature.
Money market funds and U.S. treasury bills are highly liquid investments and are actively traded. The pricing information on these investment instruments is readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy.
Certain financial instruments classified within Level 2 of the fair value hierarchy include the types of instruments that trade in markets that are not considered to be active, but are valued based on quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. The Company reviews trading activity and pricing for these investments as of each measurement date.