Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
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| Schedule of Financial Assets and Liabilities Measured at Fair Value |
The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands):
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Fair Value Measurements at
June 30, 2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Cash equivalents: |
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Money market funds |
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$ |
45,076 |
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$ |
— |
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$ |
— |
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$ |
45,076 |
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Short-term investments: |
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U.S. treasury bills |
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— |
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76,428 |
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— |
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76,428 |
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U.S. government agency bonds |
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— |
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271,695 |
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— |
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271,695 |
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$ |
45,076 |
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$ |
348,123 |
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$ |
— |
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$ |
393,199 |
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Fair Value Measurements at
December 31, 2024 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Cash equivalents: |
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Money market funds |
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$ |
321,047 |
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$ |
— |
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$ |
— |
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$ |
321,047 |
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U.S. treasury bills |
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4,173 |
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— |
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— |
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4,173 |
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Short-term investments: |
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U.S. treasury bills |
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— |
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77,165 |
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— |
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77,165 |
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U.S. government agency bonds |
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— |
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67,394 |
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— |
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67,394 |
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$ |
325,220 |
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$ |
144,559 |
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$ |
— |
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$ |
469,779 |
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| Schedule of Short-Term Investments |
Short-term investments consisted of the following (in thousands):
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June 30, 2025 |
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Amortized
Cost |
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Gross Unrealized
Gains |
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Gross Unrealized
Losses |
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Fair
Value |
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Short-term investments: |
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U.S. treasury bills |
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$ |
76,438 |
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$ |
1 |
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$ |
(11 |
) |
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$ |
76,428 |
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U.S. government agency bonds |
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271,427 |
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364 |
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(96 |
) |
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271,695 |
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Total short-term investments: |
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$ |
347,865 |
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$ |
365 |
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$ |
(107 |
) |
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$ |
348,123 |
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December 31, 2024 |
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Amortized
Cost |
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Gross Unrealized
Gains |
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Gross Unrealized
Losses |
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Fair
Value |
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Short-term investments: |
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U.S. treasury bills |
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$ |
77,142 |
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$ |
37 |
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$ |
(14 |
) |
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$ |
77,165 |
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U.S. government agency bonds |
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67,442 |
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34 |
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(82 |
) |
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67,394 |
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Total short-term investments: |
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$ |
144,584 |
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$ |
71 |
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$ |
(96 |
) |
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$ |
144,559 |
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| Schedule of Contractual Maturities of Short-term Investments |
The contractual maturities of the Company’s short-term investments in available-for-sale securities held were as follows (in thousands):
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June 30,
2025 |
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December 31, 2024 |
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Due within one year |
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$ |
258,505 |
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$ |
109,943 |
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Due after one year through two years |
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89,618 |
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34,616 |
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Total available-for-sale securities |
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$ |
348,123 |
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$ |
144,559 |
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| Schedule of Assumptions Used in Option-Pricing Model to Determine Fair Value of Series B Preferred Stock Tranche Right Liability |
The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted:
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Six Months Ended June 30, |
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2025 |
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2024 |
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Per share fair value of common stock |
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$ |
8.84 |
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$ |
6.14 |
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Expected volatility |
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92.3 |
% |
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72.8 |
% |
Expected dividends |
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0 |
% |
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0 |
% |
Expected term (in years) |
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6.0 |
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6.3 |
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Risk-free rate |
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4.27 |
% |
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3.35 |
% |
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| Roll-forward of Fair Value of the Series A and Series B Preferred Stock Tranche Right Liability Using Level 3 Inputs |
The following table presents a roll-forward of the fair value of the Series B preferred stock tranche right liability during the six months ended June 30, 2024, for which fair value is determined using Level 3 inputs (in thousands):
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Series B Preferred
Stock Tranche
Right Liability |
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Fair value at December 31, 2023 |
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$ |
2,874 |
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Change in fair value of Series B preferred stock tranche right liability |
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(2,859 |
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Final settlement of Series B preferred stock tranche right liability |
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(15 |
) |
Fair value at June 30, 2024 |
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$ |
— |
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