v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table details the assets carried at fair value and measured on a recurring basis within the three levels of fair value as of June 30, 2025 and December 31, 2024:
(in thousands)Gross UnrealizedReported as:
June 30, 2025Amortized CostGainsLossesFair Value
Cash equivalents
Short-term investmentsLong-term investments
Level 1
Mutual funds$351 $— $— $351 $351 $— $— 
U.S. treasury securities60,247 116 (38)60,325 — 41,815 18,510 
Total Level 160,598 116 (38)60,676 351 41,815 18,510 
Level 2
Commercial paper39,814 — (11)39,803 33,890 5,913 — 
Agency securities78,804 75 (65)78,814 — 65,688 13,126 
Total Level 2118,618 75 (76)118,617 33,890 71,601 13,126 
Total Level 1 and Level 2$179,216 $191 $(114)$179,293 $34,241 $113,416 $31,636 
(in thousands)Gross UnrealizedReported as:
December 31, 2024Amortized CostGainsLossesFair Value
Cash equivalents
Short-term investmentsLong-term investments
Level 1
Mutual funds$521 $— $— $521 $521 $— $— 
U.S. treasury securities68,529 138 (111)68,556 — 25,836 42,720 
Total Level 169,050 138 (111)69,077 521 25,836 42,720 
Level 2
Commercial paper30,881 3 (6)30,878 26,924 3,954 — 
Agency securities106,109 210 (177)106,142 — 72,457 33,685 
Total Level 2136,990 213 (183)137,020 26,924 76,411 33,685 
Total Level 1 and Level 2$206,040 $351 $(294)$206,097 $27,445 $102,247 $76,405 
Short-term investments have a contractual maturity date that is one year or less from the respective balance sheet date. Long-term investments have a contractual maturity date that is more than one year, but less than two years from the respective balance sheet date.
There were no continuous unrealized loss positions in excess of twelve months as of June 30, 2025.
The Company reviewed its investment portfolio based on the underlying risk profile of the securities and have no loss expectation for these investments. The Company reviewed the securities in an unrealized loss position and evaluated the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, and current economic conditions. The Company recognized no credit losses during the three and six
months ended June 30, 2025 and 2024, and had no allowance for credit losses as of June 30, 2025 and December 31, 2024.