v3.25.2
Investments and Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Investments and Fair Value Measurements Investments and Fair Value Measurements
The Company's total cash, cash equivalents and marketable securities consisted of the following:
As of June 30, 2025As of December 31, 2024
(in thousands)
Cash and cash equivalents:
Cash$49,796 $52,951 
U.S. Treasury securities2,479 — 
Money market funds25,663 233,224 
Municipal securities1,100 — 
Commercial paper3,449 — 
Total cash and cash equivalents(1)
$82,487 $286,175 
Marketable securities:
U.S. Treasury securities$82,356 $— 
Corporate notes and bonds74,156 6,008 
Commercial paper80,810 3,699 
Certificates of deposit400 — 
Agency bonds
999 — 
Total marketable securities, current(2)
$238,721 $9,707 
Total cash and cash equivalents and marketable securities$321,208 $295,882 
(1) The Company’s cash equivalents include investments with an original maturity date of three months or less.
(2) The Company classifies its marketable securities as current, where it intends to hold the securities for less than 12 months.
The following table summarizes adjusted cost, gross unrealized gains and losses, and fair value related to cash equivalents and available-for-sale securities on the accompanying condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024:
As of June 30, 2025
Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value
(in thousands)
Cash equivalents:
Money market funds$25,663 $— $— $25,663 
U.S. Treasury securities2,479 — — 2,479 
Commercial paper3,449 — — 3,449 
Municipal Securities1,100 — — 1,100 
Marketable securities:
U.S. Treasury securities82,385 2 (31)82,356 
Corporate notes and bonds74,182 2 (28)74,156 
Commercial paper80,841 1 (32)80,810 
Certificates of deposit400 — — 400 
Agency bond999 — — 999 
Total available-for-sale investments$271,498 $5 $(91)$271,412 
As of December 31, 2024
Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value
(in thousands)
Cash equivalents:
Money market funds$233,224 $— $— $233,224 
Marketable securities:
Corporate notes and bonds6,005 3 — 6,008 
Commercial paper3,699 — — 3,699 
Total available-for-sale investments$242,928 $3 $— $242,931 
There were no material realized gains or losses from sales of marketable securities that were reclassified out of accumulated other comprehensive loss into other income (expense), net as of June 30, 2025 and December 31, 2024. For the three and six months ended June 30, 2025 and 2024, the Company did not record any impairment charges for its marketable debt securities in its condensed consolidated statements of operations. No impairment loss has been recorded on the securities as the Company does not intend to sell any impaired securities, nor is it more likely than not that the Company would be required to sell impaired securities before recovery of amortized cost basis.
Fair Value of Financial Instruments
For certain of the Company's financial instruments, including cash held in banks, accounts receivable, and accounts payable, the carrying amounts approximate fair value due to their short maturities, and are therefore excluded from the fair value tables below.
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There is a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level 1—Observable inputs such as quoted prices in active markets for identical assets or liabilities;
Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and
Level 3—Unobservable inputs that are supported by little or no market activity, which require management judgment or estimation.
The Company measures its cash equivalents and marketable securities at fair value. The Company classifies its cash equivalents and marketable securities within Level 1 or Level 2 because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
The Company classifies its investments, which are comprised of corporate notes and bonds, U.S. treasury securities, foreign government and supranational securities, and asset-backed securities within Level 2 of the fair value hierarchy because the fair value of these securities is priced by using inputs based on non-binding market consensus prices that are primarily corroborated by observable market data or quoted market prices for similar instruments.
Financial assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following types of instruments:
As of June 30, 2025
Level 1Level 2Level 3Total
(in thousands)
Cash equivalents:
Money market funds$25,663 $— $— $25,663 
U.S. Treasury securities— 2,479 — 2,479 
Commercial paper
— 3,449 — 3,449 
Municipal securities
— 1,100 — 1,100 
Total cash equivalents25,663 7,028 — 32,691 
Marketable securities:
U.S. Treasury securities— 82,356 — 82,356 
Corporate notes and bonds— 74,156 — 74,156 
Commercial paper— 80,810 — 80,810 
Certificates of deposit— 400 — 400 
Agency bonds— 999 — 999 
Total marketable securities— 238,721 — 238,721 
Total financial assets$25,663 $245,749 $— $271,412 
As of December 31, 2024
Level 1Level 2Level 3Total
(in thousands)
Cash equivalents:
Money market funds$233,224 $— $— $233,224 
Total cash equivalents233,224 — — 233,224 
Marketable securities:
Corporate notes and bonds— 6,008 — 6,008 
Commercial paper— 3,699 — 3,699 
Total marketable securities— 9,707 — 9,707 
Total financial assets$233,224 $9,707 $— $242,931 
The Company had no restricted cash as of either June 30, 2025 and December 31, 2024.
There were no transfers of assets and liabilities measured at fair value between Level 1 and Level 2, or between Level 2 and Level 3, during the three and six months ended June 30, 2025 and 2024.