v3.25.1
Fair Value Measurement
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
The following tables summarize the Company’s financial instruments recorded at fair value on a recurring basis by level within the fair value hierarchy as of the periods presented (in thousands):
March 31, 2025
Level 1Level 2Level 3Total
Cash and cash equivalents
Cash equivalents - money market mutual funds
$15,684 $— $— $15,684 
Marketable securities
U.S. Treasury securities— 154,195 — 154,195 
Total cash equivalents and marketable securities$15,684 $154,195 $— $169,879 
December 31, 2024
Level 1Level 2Level 3Total
Cash and cash equivalents
Cash equivalents - money market mutual funds$10,716 $— $— $10,716 
Marketable securities
U.S. Treasury securities— 167,803 — 167,803 
Total cash equivalents and marketable securities$10,716 $167,803 $— $178,519 
As of March 31, 2025 and December 31, 2024, the Company classified its cash equivalents within level 1 of the fair value hierarchy because they are valued using quoted market prices. The Company classified its marketable securities within level 2 of the fair value hierarchy because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security, which may not be actively traded.