Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Cash Equivalents and Marketable Securities Measured at Fair Value

The following table presents information about the Company’s cash equivalents and marketable securities that were measured at fair value as of June 30, 2025 and December 31, 2024:


		As of June 30, 2025
(in thousands)		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Fair Value
Cash equivalents (1):
Money market mutual funds & cash equivalents		$	8,110			$	0			$	0			$	8,110
Marketable securities:
Corporate bonds		0					16,007			0					16,007
U.S. treasury securities			72,183			0				0					72,183
Total marketable securities		$	72,183			$	16,007			$	0			$	88,190

(1) Included in “Cash and cash equivalents” in the accompanying Condensed Consolidated Balance Sheets, in addition to $39.3 million of cash as of June 30, 2025.


		As of December 31, 2024
(in thousands)		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Fair Value
Cash equivalents (1):
Money market mutual funds & cash equivalents		$	46,033			$	0			$	0			$	46,033
Marketable securities:
Corporate bonds			0				24,943				0				24,943
U.S. treasury securities			62,124				0				0				62,124
Agency bonds			0				2,216				0				2,216
Total marketable securities		$	62,124			$	27,159			$	0			$	89,283

(1) Included in “Cash and cash equivalents” in the accompanying Condensed Consolidated Balance Sheets, in addition to $44.3 million of cash, as of December 31, 2024.

Schedule of Marketable Security Contractual Maturities

The contractual maturities of the investments classified as marketable securities were as follows:


(in thousands)		As of June 30, 2025				As of December 31, 2024
Due within 1 year		$	88,190			$	70,933
Due in 1 year through 2 years			0				18,350
Total marketable securities		$	88,190			$	89,283

Summary of Gains, Losses, and Estimated Fair Value of Cash Equivalents and Marketable Securities

The following tables summarize the gains, losses, and estimated fair value of cash equivalents, marketable securities as of June 30, 2025 and December 31, 2024:


		As of June 30, 2025
(in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
Cash equivalents:
Money market mutual funds & cash equivalents		$	8,110			$	0			$	0			$	8,110
Marketable securities:
Corporate bonds			15,913				94				0				16,007
U.S. treasury securities			72,163				30				(10	)			72,183
Total marketable securities		$	88,076			$	124			$	(10	)		$	88,190


		As of December 31, 2024
(in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
Cash equivalents:
Money market mutual funds & cash equivalents		$	46,033			$	0			$	0			$	46,033
Marketable securities:
Corporate bonds			24,859				91				(7	)			24,943
U.S. treasury securities			62,063				68				(7	)			62,124
Agency bonds			2,216				0				0				2,216
Total marketable securities		$	89,138			$	159			$	(14	)		$	89,283