Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy described in Note 2 to the audited financial statements included in the Company’s 2024 10-K (in thousands):


						Fair Value Measurements Using
As of June 30, 2025		Amount				Level 1				Level 2				Level 3
Assets
Money market funds (1)		$	11,797			$	11,797			$	—			$	—
U.S. government obligations (2)			112,451				—				112,451				—
Total fair value of assets		$	124,248			$	11,797			$	112,451			$	—

(1)

Included in cash and cash equivalents on the balance sheets.

(2)

Included in short-term investments on the balance sheets.


						Fair Value Measurements Using
As of December 31, 2024		Amount				Level 1				Level 2				Level 3
Assets
Money market funds (1)		$	24,889			$	24,889			$	—			$	—
U.S. government obligations (2)			118,289				—				118,289				—
Corporate debt securities (2)			7,238				—				7,238				—
Total fair value of assets		$	150,416			$	24,889			$	125,527			$	—

(1)

Included in cash and cash equivalents on the balance sheets.

(2)

Included in short-term investments on the balance sheets.