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 represents the Company’s fair value hierarchy for its financial assets and liabilities (in thousands):
Fair Value at March 31, 2025Fair Value at December 31, 2024
AssetsLevel 1Level 2Level 3Level 1Level 2Level 3
Money market funds(1)
$80,373 $— $— $287,393 $— $— 
Government-backed securities(1)
— 130,000 — — 130,000 — 
Treasury securities
— 185,125 — — 184,554 — 
Corporate debt securities(2)
— 283,017 — — 243,158 — 
Total cash equivalents and marketable securities
$80,373 $598,142 $— $287,393 $557,712 $— 
Liabilities
5.00% Convertible notes due 2027
$—$163,918$—$—$174,386$—
(1)Classified as cash and cash equivalents as of March 31, 2025 and December 31, 2024, respectively, on the consolidated balance sheets.
(2)Includes $34.8 million classified as Cash and cash equivalents as of December 31, 2024, on the consolidated balance sheets.
Fixed-income investments categorized as Level 2 are valued at the custodian bank by a third-party pricing vendor’s valuation models that use verifiable observable market data, such as interest rates and yield curves observable at commonly quoted intervals and credit spreads, bids provided by brokers or dealers, or quoted prices of securities with similar characteristics. Pricing of the Company’s convertible notes has been estimated using observable inputs, including the price of the Company’s common stock, implied volatility, interest rates, and credit spreads.
During the three months ended March 31, 2025 and 2024, the Company did not have any transfers between levels.
The amount in the Company’s consolidated balance sheets for accounts payable and accrued expenses approximates its fair value due to its short-term nature.