v3.25.1
Investments and Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Cash, Cash Equivalents, and Marketable Securities
The Company's total cash, cash equivalents and marketable securities consisted of the following:
As of March 31, 2025As of December 31, 2024
(in thousands)
Cash and cash equivalents:
Cash$41,811 $52,951 
U.S. Treasury securities12,254 — 
Money market funds60,205 233,224 
Municipal securities1,880 — 
Commercial paper6,639 — 
Corporate notes and bonds2,695 — 
Total cash and cash equivalents(1)
$125,484 $286,175 
Marketable securities:
U.S. Treasury securities$51,706 $— 
Corporate notes and bonds62,131 6,008 
Commercial paper67,571 3,699 
Certificates of deposit400 — 
Total marketable securities, current(2)
$181,808 $9,707 
Total cash and cash equivalents and marketable securities$307,292 $295,882 
(1) The Company’s cash equivalents include investments with an original maturity date of three months or less.
(2) The Company classifies its marketable securities as current, where it intends to hold the securities for less than 12 months.
Schedule of Available-For-Sale Investments
The following table summarizes adjusted cost, gross unrealized gains and losses, and fair value related to cash equivalents and available-for-sale securities on the accompanying condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024:
As of March 31, 2025
Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value
(in thousands)
Cash equivalents:
Money market funds$60,205 $— $— $60,205 
U.S. Treasury securities12,254 — — 12,254 
Corporate notes and bonds2,696 — (1)2,695 
Commercial paper6,640 — (1)6,639 
Municipal Securities1,880 — — 1,880 
Marketable securities:
U.S. Treasury securities51,706 3 (3)51,706 
Corporate notes and bonds62,154 8 (31)62,131 
Commercial paper67,585 4 (18)67,571 
Certificates of deposit400 — — 400 
Total available-for-sale investments$265,520 $15 $(54)$265,481 
As of December 31, 2024
Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value
(in thousands)
Cash equivalents:
Money market funds$233,224 $— $— $233,224 
Marketable securities:
Corporate notes and bonds6,005 3 — 6,008 
Commercial paper3,699 — — 3,699 
Total available-for-sale investments$242,928 $3 $— $242,931 
Schedule of Financial Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
Financial assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following types of instruments:
As of March 31, 2025
Level 1Level 2Level 3Total
(in thousands)
Cash equivalents:
Money market funds$60,205 $— $— $60,205 
U.S. Treasury securities— 12,254 — 12,254 
Commercial paper
— 6,639 — 6,639 
Municipal securities
— 1,880 — 1,880 
Corporate notes and bonds
— 2,695 — 2,695 
Total cash equivalents60,205 23,468 — 83,673 
Marketable securities:
U.S. Treasury securities— 51,706 — 51,706 
Corporate notes and bonds— 62,131 — 62,131 
Commercial paper— 67,571 — 67,571 
Certificates of deposit400 — — 400 
Total marketable securities400 181,408 — 181,808 
Total financial assets$60,605 $204,876 $— $265,481 
As of December 31, 2024
Level 1Level 2Level 3Total
(in thousands)
Cash equivalents:
Money market funds$233,224 $— $— $233,224 
Total cash equivalents233,224 — — 233,224 
Marketable securities:
Corporate notes and bonds— 6,008 — 6,008 
Commercial paper— 3,699 — 3,699 
Total marketable securities— 9,707 — 9,707 
Total financial assets$233,224 $9,707 $— $242,931