Investments and Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

The Company’s marketable and non-marketable investments as of June 30, 2025 and December 31, 2024 were as follows (in thousands):


	June 30, 2025
			Securities with net gains or losses in accumulated other comprehensive income (loss)
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Loss		Fair Value
Marketable investments:


U.S. treasury	$	2,804	$	—	$	(9)	$	—	$	2,795




Total	2,804		—		(9)		—		2,795
Non-marketable investments:
Non-marketable debt securities	10,000		2,850		—		—		12,850
Total	10,000		2,850		—		—		12,850
Total	$	12,804	$	2,850	$	(9)	$	—	$	15,645


	December 31, 2024
			Securities with net gains or losses in accumulated other comprehensive income (loss)
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Loss		Fair Value
Marketable investments:


U.S. treasury	$	15,744	$	3	$	(20)	$	—	$	15,727




Total	15,744		3		(20)		—		15,727
Non-marketable investment:
Non-marketable debt securities	10,000		2,850		—		—		12,850
Total	10,000		2,850		—		—		12,850
Total	$	25,744	$	2,853	$	(20)	$	—	$	28,577

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

The following tables present the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than and more twelve months as of June 30, 2025 and December 31, 2024 (in thousands):


	June 30, 2025
	Less than 12 months				More than 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Marketable investments:


U.S. treasury	$	2,795	$	(9)	$	—	$	—	$	2,795	$	(9)




Total	$	2,795	$	(9)	$	—	$	—	$	2,795	$	(9)


	December 31, 2024
	Less than 12 months				More than 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Marketable investments:


U.S. treasury	$	2,787	$	(19)	$	2,987	$	(1)	$	5,774	$	(20)




Total	$	2,787	$	(19)	$	2,987	$	(1)	$	5,774	$	(20)

Schedule of Contractual Maturities of Marketable Investments

The contractual maturities of the Company’s marketable investments as of June 30, 2025 (in thousands):


	June 30, 2025
Marketable investments:	Amortized Cost		Fair Value
Due in one year	$	2,804	$	2,795

Total	$	2,804	$	2,795

Schedule of Fair Value of Assets and Liabilities

The following tables set forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy as of June 30, 2025 and December 31, 2024 (in thousands):


	As of June 30, 2025
	Level 1		Level 2		Level 3		Fair Value
Financial Assets
Cash equivalents:

Commercial paper	$	—	$	266,545	$	—	$	266,545
Certificate of deposit	—		27,496		—		27,496

Money market funds	58,795		—		—		58,795
U.S. treasury	12,469		—		—		12,469




Marketable investments:


U.S. treasury	2,795		—		—		2,795




Non-marketable investment:
Non-marketable investment	—		—		12,850		12,850
Total	$	74,059	$	294,041	$	12,850	$	380,950


	As of December 31, 2024
	Level 1		Level 2		Level 3		Fair Value
Financial Assets
Cash equivalents:
Commercial paper	$	—	$	139,271	$	—	$	139,271
Certificate of deposit	—		15,995		—		15,995
U.S agency securities	—		3,369		—		3,369
Money market funds	68,133		—		—		68,133
U.S treasury	23,497		—		—		23,497
Marketable investments:


U.S. treasury	15,727		—		—		15,727





Non-marketable investment:
Non-marketable investment	—		—		12,850		12,850
Total	$	107,357	$	158,635	$	12,850	$	278,842