v3.25.1
Marketable Securities and Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Summary of Available for Sale Marketable Securities by Security Type
As of March 31, 2025, available for sale marketable securities by security type consisted of (in thousands):
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
U.S. treasury notes (due within one year)$13,493 $2 $— $13,495 
Commercial paper (due within one year)19,620 4 (4)19,620 
Corporate notes and bonds (due within one year)126,040 45 (33)126,052 
Corporate notes and bonds (due after one year through two
   years)		394 — — 394 
Total$159,547 $51 $(37)$159,561 
As of December 31, 2024, available for sale marketable securities by security type consisted of (in thousands):
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
U.S. treasury notes (due within one year)$35,366 $28 $— $35,394 
Commercial paper (due within one year)44,959 35 — 44,994 
Corporate notes and bonds (due within one year)100,662 112 (30)100,744 
Corporate notes and bonds (due after one year through two
   years)		7,171 — (10)7,161 
Total$188,158 $175 $(40)$188,293 
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present the Company’s fair value hierarchy for its assets and liabilities, which are measured at fair value on a recurring basis (in thousands):
Fair Value Measurements at March 31, 2025 Using:
Level 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market funds$60,982 $— $— $60,982 
Marketable securities:
U.S. treasury notes— 13,495 — 13,495 
Commercial paper— 19,620 — 19,620 
Corporate notes and bonds— 126,446 — 126,446 
Total$60,982 $159,561 $— $220,543 
Fair Value Measurements at December 31, 2024 Using:
Level 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market funds$28,027 $— $— $28,027 
U.S. treasury notes— 14,500 — 14,500 
Commercial paper— 2,748 — 2,748 
Marketable securities:
U.S. treasury notes— 35,394 — 35,394 
Commercial paper— 44,994 — 44,994 
Corporate notes and bonds— 107,905 — 107,905 
Total$28,027 $205,541 $— $233,568