Fair Value Measurement (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Summary of Investments Measured and Recognized at Fair Value |
The following tables set forth the fair value of the Company’s financial assets, which consist of cash equivalents and marketable securities measured and recognized at fair value (in thousands):
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June 30, 2025 |
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Fair Value
Hierarchy Level |
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Amortized
Cost |
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Gross
Unrealized
Gains |
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Gross
Unrealized
Losses |
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Fair Value |
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Cash equivalents: |
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Money market funds |
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Level 1 |
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$ |
25,932 |
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$ |
— |
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$ |
— |
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$ |
25,932 |
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U.S. treasury securities |
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Level 2 |
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3,092 |
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— |
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— |
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3,092 |
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Marketable securities: |
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U.S. treasury securities |
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Level 1 |
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53,046 |
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13 |
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(10 |
) |
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53,049 |
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Corporate bonds |
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Level 2 |
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5,539 |
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3 |
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— |
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5,542 |
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Commercial paper |
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Level 2 |
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|
999 |
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— |
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— |
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|
999 |
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U.S. government agency securities |
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Level 2 |
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14,065 |
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5 |
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(3 |
) |
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14,067 |
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Total |
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$ |
102,673 |
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$ |
21 |
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$ |
(13 |
) |
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$ |
102,681 |
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December 31, 2024 |
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Fair Value
Hierarchy Level |
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Amortized
Cost |
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|
Gross
Unrealized
Gains |
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|
Gross
Unrealized
Losses |
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|
Fair Value |
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Cash equivalents: |
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Money market funds |
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Level 1 |
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$ |
24,376 |
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$ |
— |
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$ |
— |
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$ |
24,376 |
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Marketable securities: |
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U.S. treasury securities |
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Level 1 |
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105,219 |
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117 |
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(23 |
) |
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105,313 |
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Corporate bonds |
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Level 2 |
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20,437 |
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36 |
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(3 |
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20,470 |
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Commercial paper |
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Level 2 |
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13,894 |
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6 |
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(1 |
) |
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13,899 |
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U.S. government agency securities |
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Level 2 |
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17,583 |
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31 |
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(4 |
) |
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17,610 |
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Total |
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$ |
181,509 |
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$ |
190 |
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$ |
(31 |
) |
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$ |
181,668 |
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| Schedule of Unrealized Loss on Marketable Securities |
The following table summarizes the available-for-sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of June 30, 2025 and December 31, 2024, aggregated by major security type and length of time in a continuous unrealized loss position:
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June 30, 2025 |
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Less than 12 months |
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Greater than 12 months |
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Total |
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Fair Value |
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Unrealized Losses |
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Fair Value |
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Unrealized Losses |
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Fair Value |
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Unrealized Losses |
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U.S. treasury securities |
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$ |
27,203 |
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$ |
(10 |
) |
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$ |
— |
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$ |
— |
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$ |
27,203 |
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$ |
(10 |
) |
U.S. government agency securities |
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4,986 |
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(3 |
) |
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— |
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— |
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4,986 |
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(3 |
) |
Total |
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$ |
32,189 |
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$ |
(13 |
) |
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$ |
— |
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$ |
— |
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$ |
32,189 |
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$ |
(13 |
) |
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December 31, 2024 |
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Less than 12 months |
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Greater than 12 months |
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Total |
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Fair Value |
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Unrealized Losses |
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Fair Value |
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Unrealized Losses |
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Fair Value |
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Unrealized Losses |
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U.S. treasury securities |
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$ |
18,621 |
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$ |
(23 |
) |
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$ |
— |
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$ |
— |
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$ |
18,621 |
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$ |
(23 |
) |
Corporate bonds |
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3,065 |
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(3 |
) |
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— |
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— |
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3,065 |
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(3 |
) |
Commercial paper |
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6,064 |
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(1 |
) |
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— |
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— |
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6,064 |
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(1 |
) |
U.S. government agency securities |
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5,199 |
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(4 |
) |
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— |
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— |
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5,199 |
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(4 |
) |
Total |
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$ |
32,949 |
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$ |
(31 |
) |
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$ |
— |
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$ |
— |
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$ |
32,949 |
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$ |
(31 |
) |
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| Summary of Contractual Maturities of Marketable Securities |
The following table summarizes the contractual maturities of the Company’s cash equivalents and marketable securities as of June 30, 2025 and December 31, 2024 at estimated fair value (in thousands):
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June 30, |
|
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December 31, |
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2025 |
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2024 |
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Due in less than one year |
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$ |
102,681 |
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$ |
167,815 |
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Due in more than one year |
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— |
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13,853 |
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Total |
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$ |
102,681 |
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$ |
181,668 |
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