| Marketable Securities and Fair Value Measurements |
Marketable Securities and Fair Value Measurements As of March 31, 2025, available for sale marketable securities by security type consisted of (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated 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 Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated 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 | |
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 1 | | Level 2 | | Level 3 | | Total | | 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 1 | | Level 2 | | Level 3 | | Total | | 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 | |
For the three months ended March 31, 2025 and 2024, there were no transfers between Level 1, Level 2 and Level 3.
|