v3.25.1
Fair value measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair value measurements Fair value measurements
The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of March 31, 2025 (in thousands):
Fair ValueLevel 1Level 2Level 3
Cash equivalents:    
Money market funds$51,278 $51,278 $— $— 
Corporate debt securities15 — 15 — 
Marketable securities:    
Corporate debt securities161,887 — 161,887 — 
U.S. Treasury securities19,327 — 19,327 — 
U.S. government debt securities2,199 — 2,199 — 
Total cash equivalents and marketable securities$234,706 $51,278 $183,428 $— 
There have been no transfers between fair value levels during the three months ended March 31, 2025.
The following table sets forth the fair value of the Company’s financial assets by level within the fair value hierarchy at December 31, 2024 (in thousands):
Fair ValueLevel 1Level 2Level 3
Cash equivalents:    
Money market funds$46,219 $46,219 $— $— 
U.S. Treasury securities9,043 — 9,043 — 
Marketable securities:    
Corporate debt securities186,931 — 186,931 — 
U.S. Treasury securities18,302 — 18,302 — 
U.S. government debt securities6,531 — 6,531 — 
Total cash equivalents and marketable securities$267,026 $46,219 $220,807 $— 
The Company classifies its money market funds, which are valued based on quoted market prices in active markets, with no valuation adjustment, as Level 1 assets within the fair value hierarchy.
Marketable securities consist of U.S. Treasury securities, U.S. government debt securities, and corporate debt securities, all of which are classified as available-for-sale pursuant to ASC 320, Investments – Debt and Equity Securities. Marketable securities are classified within Level 2 of the fair value hierarchy because pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined using models or other valuation methodologies on a recurring basis.