The following tables present the Company’s fair value hierarchy for its assets that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value (in thousands):


	Fair Value Measurements at June 30, 2025
	Level 1		Level 2		Level 3		Total
Cash equivalents: (1)
Money market funds	$	71,982	$	—	$	—	$	71,982
Marketable securities:
U.S. government agency securities and treasuries	—		247,848		—		247,848
Corporate bonds	—		33,682		—		33,682
Total	$	71,982	$	281,530	$	—	$	353,512


	Fair Value Measurements at December 31, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents: (1)
Money market funds	$	100,711	$	—	$	—	$	100,711
Marketable securities:
U.S. government agency securities and treasuries	$	—	$	253,628	$	—	$	253,628
Corporate bonds	—		65,159		—		65,159
Total	$	100,711	$	318,787	$	—	$	419,498

(1)The cash equivalent amounts above do not include $0.5 million of cash related to checking accounts included in cash and cash equivalents as of June 30, 2025 and December 31, 2024. These amounts are excluded as no valuation is needed for cash in checking accounts.