Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by level within the valuation hierarchy:


		June 30, 2025
		Level 1				Level 2				Level 3				Total
		(in thousands)
Assets:
Cash equivalents:
Money market funds		$	57,780			$	—			$	—			$	57,780
Commercial paper			—				990				—				990
Marketable securities:
Commercial paper			—				68,224				—				68,224
Certificates of deposit			—				607				—				607
U.S. government securities			11,953				—				—				11,953
Corporate debt securities			—				12,281				—				12,281
Total assets measured at fair value		$	69,733			$	82,102			$	—			$	151,835


		December 31, 2024
		Level 1				Level 2				Level 3				Total
		(in thousands)
Assets:
Cash equivalents:
Money market funds		$	94,411			$	—			$	—			$	94,411
Commercial paper			—				30,881				—				30,881
Marketable securities:
Commercial paper			—				61,383				—				61,383
Certificates of deposit			—				1,918				—				1,918
U.S. government securities			74,444				—				—				74,444
Corporate debt securities			—				27,685				—				27,685
Total assets measured at fair value		$	168,855			$	121,867			$	—			$	290,722