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 Unrealized						Reported as:
June 30, 2025	Amortized Cost		Gains		Losses		Fair Value		Cash equivalents		Short-term investments		Long-term investments
Level 1
Mutual funds	$	351	$	—	$	—	$	351	$	351	$	—	$	—
U.S. treasury securities	60,247		116		(38)		60,325		—		41,815		18,510
Total Level 1	60,598		116		(38)		60,676		351		41,815		18,510
Level 2
Commercial paper	39,814		—		(11)		39,803		33,890		5,913		—

Agency securities	78,804		75		(65)		78,814		—		65,688		13,126
Total Level 2	118,618		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 Unrealized						Reported as:
December 31, 2024	Amortized Cost		Gains		Losses		Fair Value		Cash equivalents		Short-term investments		Long-term investments
Level 1
Mutual funds	$	521	$	—	$	—	$	521	$	521	$	—	$	—
U.S. treasury securities	68,529		138		(111)		68,556		—		25,836		42,720
Total Level 1	69,050		138		(111)		69,077		521		25,836		42,720
Level 2
Commercial paper	30,881		3		(6)		30,878		26,924		3,954		—

Agency securities	106,109		210		(177)		106,142		—		72,457		33,685
Total Level 2	136,990		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