| Summary of Financial Assets And Liabilities Measured at Fair Value on a Recurring Basis |
The following fair value hierarchy table presents information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
189,924 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
189,924 |
|
Commercial paper |
|
|
— |
|
|
|
20,967 |
|
|
|
— |
|
|
|
20,967 |
|
Treasury bills |
|
|
6,161 |
|
|
|
— |
|
|
|
— |
|
|
|
6,161 |
|
U.S. government agency notes |
|
|
— |
|
|
|
2,992 |
|
|
|
— |
|
|
|
2,992 |
|
Cash equivalents |
|
$ |
196,085 |
|
|
$ |
23,959 |
|
|
$ |
— |
|
|
$ |
220,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government bonds |
|
$ |
42,727 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
42,727 |
|
Commercial paper |
|
|
— |
|
|
|
25,849 |
|
|
|
— |
|
|
|
25,849 |
|
Corporate debt securities |
|
|
— |
|
|
|
8,389 |
|
|
|
— |
|
|
|
8,389 |
|
Short-term marketable securities |
|
$ |
42,727 |
|
|
$ |
34,238 |
|
|
$ |
— |
|
|
$ |
76,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government bonds |
|
$ |
15,107 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
15,107 |
|
U.S. government agency bonds |
|
|
— |
|
|
|
1,001 |
|
|
|
— |
|
|
|
1,001 |
|
Long-term marketable securities |
|
$ |
15,107 |
|
|
$ |
1,001 |
|
|
$ |
— |
|
|
$ |
16,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fair value of financial assets |
|
$ |
253,919 |
|
|
$ |
59,198 |
|
|
$ |
— |
|
|
$ |
313,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Warrant liability |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
108 |
|
|
$ |
108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
$ |
354,061 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
354,061 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Warrant liability |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
156 |
|
|
$ |
156 |
|
|
| Summary of Company's Cash Equivalents and Marketable Securities' Amortized Costs, Gross Unrealized Gains, Gross Unrealized Losses and Estimated Fair Values by Significant Investment Category |
The following tables summarize the Company's cash equivalents and marketable securities' amortized costs, gross unrealized gains, gross unrealized losses, and estimated fair values by significant investment category (in thousands):
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
|
|
June 30, 2025 |
|
Contractual Maturity |
|
Amortized Cost |
|
|
Losses |
|
|
Gains |
|
|
Fair Value |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
Three months or less |
|
$ |
189,924 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
189,924 |
|
Commercial paper |
|
Three months or less |
|
|
20,967 |
|
|
|
— |
|
|
|
— |
|
|
|
20,967 |
|
Treasury bills |
|
Three months or less |
|
|
6,161 |
|
|
|
— |
|
|
|
— |
|
|
|
6,161 |
|
U.S. government agency note |
|
Three months or less |
|
|
2,992 |
|
|
|
— |
|
|
|
— |
|
|
|
2,992 |
|
Cash equivalents |
|
|
|
$ |
220,044 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
220,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government bonds |
|
Less than 1 year |
|
|
42,721 |
|
|
|
(3 |
) |
|
|
9 |
|
|
|
42,727 |
|
Commercial paper |
|
Less than 1 year |
|
|
25,858 |
|
|
|
(9 |
) |
|
|
— |
|
|
|
25,849 |
|
Corporate debt securities |
|
Less than 1 year |
|
|
8,393 |
|
|
|
(4 |
) |
|
|
— |
|
|
|
8,389 |
|
Short-term marketable securities |
|
|
|
$ |
76,972 |
|
|
$ |
(16 |
) |
|
$ |
9 |
|
|
$ |
76,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government bonds |
|
1 to 2 years |
|
|
15,073 |
|
|
|
— |
|
|
|
34 |
|
|
|
15,107 |
|
U.S. government agency bonds |
|
1 to 2 years |
|
|
999 |
|
|
|
— |
|
|
|
2 |
|
|
|
1,001 |
|
Long-term marketable securities |
|
|
|
$ |
16,072 |
|
|
$ |
— |
|
|
$ |
36 |
|
|
$ |
16,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total financial assets |
|
|
|
$ |
313,088 |
|
|
$ |
(16 |
) |
|
$ |
45 |
|
|
$ |
313,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
|
|
December 31, 2024 |
|
Contractual Maturity |
|
Amortized Cost |
|
|
Losses |
|
|
Gains |
|
|
Fair Value |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
Three months or less |
|
$ |
354,061 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
354,061 |
|
Cash equivalents |
|
|
|
$ |
354,061 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
354,061 |
|
|