Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Fair Value of Assets Measured on a Recurring Basis |
The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets: | | Money market funds(1) | $ | 72,740 | | | $ | — | | | $ | — | | | $ | 72,740 | | | | | | | | | | Commercial Paper | — | | | 7,774 | | | — | | | 7,774 | | Certificates of deposit | — | | | 5,222 | | | — | | | 5,222 | | | Corporate debt securities | — | | | 57,172 | | | — | | | 57,172 | | U.S. Treasury and agency securities | 47,915 | | | — | | | — | | | 47,915 | | | Total assets | $ | 120,655 | | | $ | 70,168 | | | $ | — | | | $ | 190,823 | |
______________ (1)This balance includes cash requirements settled on a nightly basis. | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets: | | Money market funds(1) | $ | 71,335 | | $ | — | | $ | — | | | $ | 71,335 | | Certificates of deposit | — | | | 5,042 | | — | | | 5,042 | | | Corporate debt securities | — | | | 83,955 | | — | | | 83,955 | | | U.S. Treasury securities | 67,623 | | — | | — | | | 67,623 | | | Total assets | $ | 138,958 | | $ | 88,997 | | $ | — | | | $ | 227,955 | |
______________ (1)This balance includes cash requirements settled on a nightly basis.
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| Schedule of Cash and Cash Equivalents |
The following table summarizes the estimated value of the Company’s cash, cash equivalents and marketable securities, and the gross unrealized holding gains and losses (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Amortized
cost | | Unrealized
gains | | Unrealized
losses | | Estimated
fair value | | Cash and cash equivalents: | | | | | | | | | | Money market funds(1) | $ | 72,740 | | | $ | — | | | $ | — | | | $ | 72,740 | | | | | | | | | | | Total cash and cash equivalents | $ | 72,740 | | | $ | — | | | $ | — | | | $ | 72,740 | | | Marketable securities: | | | | | | | | | | | | | | | | Commercial Paper | $ | 7,773 | | | $ | 1 | | | $ | — | | | $ | 7,774 | | Certificates of deposit | 5,222 | | | — | | | — | | | 5,222 | | | Corporate debt securities | 57,120 | | | 54 | | | (2) | | | 57,172 | | U.S. Treasury and agency securities | 47,881 | | | 35 | | | (1) | | | 47,915 | | | Total marketable securities | $ | 117,996 | | | $ | 90 | | | $ | (3) | | | $ | 118,083 | |
______________ (1)This balance includes cash requirements settled on a nightly basis. | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Amortized
cost | | Unrealized
gains | | Unrealized
losses | | Estimated
fair value | | Cash and cash equivalents: | | Money market funds(1) | $ | 71,335 | | | $ | — | | | $ | — | | | $ | 71,335 | | | Total cash and cash equivalents | $ | 71,335 | | | $ | — | | | $ | — | | | $ | 71,335 | | | Marketable securities: | | | | | | | | Certificates of deposit | $ | 5,042 | | | $ | — | | | $ | — | | | $ | 5,042 | | | Corporate debt securities | 83,855 | | | 100 | | | — | | | 83,955 | | | U.S. Treasury securities | 67,404 | | | 219 | | | — | | | 67,623 | | | Total marketable securities | $ | 156,301 | | | $ | 319 | | | $ | — | | | $ | 156,620 | |
______________ (1)This balance includes cash requirements settled on a nightly basis.
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| Schedule of Marketable Securities |
The following table summarizes the estimated value of the Company’s cash, cash equivalents and marketable securities, and the gross unrealized holding gains and losses (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Amortized
cost | | Unrealized
gains | | Unrealized
losses | | Estimated
fair value | | Cash and cash equivalents: | | | | | | | | | | Money market funds(1) | $ | 72,740 | | | $ | — | | | $ | — | | | $ | 72,740 | | | | | | | | | | | Total cash and cash equivalents | $ | 72,740 | | | $ | — | | | $ | — | | | $ | 72,740 | | | Marketable securities: | | | | | | | | | | | | | | | | Commercial Paper | $ | 7,773 | | | $ | 1 | | | $ | — | | | $ | 7,774 | | Certificates of deposit | 5,222 | | | — | | | — | | | 5,222 | | | Corporate debt securities | 57,120 | | | 54 | | | (2) | | | 57,172 | | U.S. Treasury and agency securities | 47,881 | | | 35 | | | (1) | | | 47,915 | | | Total marketable securities | $ | 117,996 | | | $ | 90 | | | $ | (3) | | | $ | 118,083 | |
______________ (1)This balance includes cash requirements settled on a nightly basis. | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Amortized
cost | | Unrealized
gains | | Unrealized
losses | | Estimated
fair value | | Cash and cash equivalents: | | Money market funds(1) | $ | 71,335 | | | $ | — | | | $ | — | | | $ | 71,335 | | | Total cash and cash equivalents | $ | 71,335 | | | $ | — | | | $ | — | | | $ | 71,335 | | | Marketable securities: | | | | | | | | Certificates of deposit | $ | 5,042 | | | $ | — | | | $ | — | | | $ | 5,042 | | | Corporate debt securities | 83,855 | | | 100 | | | — | | | 83,955 | | | U.S. Treasury securities | 67,404 | | | 219 | | | — | | | 67,623 | | | Total marketable securities | $ | 156,301 | | | $ | 319 | | | $ | — | | | $ | 156,620 | |
______________ (1)This balance includes cash requirements settled on a nightly basis.
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| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
The following table summarizes the change in the fair value of the embedded derivative instrument for the six months ended June 30, 2025 and 2024 (in thousands). | | | | | | | | | | | | | June 30, | | 2025 | | 2024 | Beginning balance | $ | 570 | | $ | 849 | Gain from changes in fair value | (210) | | (655) | Ending balance | $ | 360 | | $ | 194 |
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