v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

5. Fair Value Measurements

The following tables set forth the fair values of financial assets as of June 30, 2025 and December 31, 2024 that were measured at fair value on a recurring basis (in thousands):

 

 

 

June 30, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

29,230

 

 

$

—

 

 

$

—

 

 

$

29,230

 

Commercial paper

 

 

—

 

 

 

1,465

 

 

 

—

 

 

 

1,465

 

U.S. government treasury securities

 

 

—

 

 

 

149,461

 

 

 

—

 

 

 

149,461

 

Corporate bonds

 

 

—

 

 

 

27,884

 

 

 

—

 

 

 

27,884

 

Total financial assets

 

$

29,230

 

 

$

178,810

 

 

$

—

 

 

$

208,040

 

 

 

 

 

December 31, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

35,790

 

 

$

—

 

 

$

—

 

 

$

35,790

 

Commercial paper

 

 

—

 

 

 

2,479

 

 

 

—

 

 

 

2,479

 

U.S. government treasury securities

 

 

—

 

 

 

187,181

 

 

 

—

 

 

 

187,181

 

Corporate bonds

 

 

—

 

 

 

18,374

 

 

 

—

 

 

 

18,374

 

Total financial assets

 

$

35,790

 

 

$

208,034

 

 

$

—

 

 

$

243,824

 

 

Level 1 securities include highly liquid money market funds, for which we measure the fair value based on quoted prices in active markets for identical assets or liabilities. Level 2 securities consist of U.S. government treasury securities, corporate bonds and commercial paper, and are valued based on recent trades of securities in inactive markets or on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data.