v3.25.2
Investments and Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Cash, Cash Equivalents, and Marketable Securities
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.
Schedule of Available-For-Sale Investments
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 
Schedule of Financial Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
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