v3.25.2
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type are presented in the following table:
 June 30, 2025
 Level 1Level 2Level 3Total
Assets:
Money market funds(1)
$96,648 $— $— $96,648 
U.S. Treasury securities147,750 — — 147,750 
Commercial paper— 63,942 — 63,942 
Corporate debt securities— 51,373 — 51,373 
Government-related debt securities— 21,430 — 21,430 
Total assets measured at fair value$244,398 $136,745 $— $381,143 
(1) This balance includes cash requirements settled on a nightly basis.
December 31, 2024
Level 1Level 2Level 3Total
Assets:
Money market funds(1)
$89,822 $— $— $89,822 
U.S. Treasury securities103,314 — — 103,314 
Commercial paper— 21,795 — 21,795 
Corporate debt securities— 46,644 — 46,644 
Government-related debt securities— 29,801 — 29,801 
Total assets measured at fair value$193,136 $98,240 $— $291,376 
(1) This balance includes cash requirements settled on a nightly basis.
Money Market Funds and U.S. Treasury Securities
Money market funds and U.S. Treasury securities are highly liquid investments and are actively traded with readily-available market prices that are publicly observable and independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy.
Commercial Paper, Corporate Debt Securities and Government-Related Debt Securities
Commercial paper, corporate debt securities and government-related debt securities were valued using Level 2 inputs that utilized industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. The Company reviews trading activity and pricing for these investments as of each measurement date.
The fair value and amortized cost of cash equivalents and available-for-sale investments by major security type are presented in the following table:
June 30, 2025
Amortized costUnrealized gainsUnrealized lossesEstimated fair value
Cash equivalents:
Money market funds(1)
$96,648 $— $— $96,648 
Total cash equivalents$96,648 $— $— $96,648 
Marketable securities:
U.S. Treasury securities$147,722 $53 $(25)$147,750 
Commercial paper63,964 1 (23)63,942 
Corporate debt securities51,322 54 (3)51,373 
Government-related debt securities21,449 — (19)21,430 
Total marketable securities$284,457 $108 $(70)$284,495 
(1) This balance includes cash requirements settled on a nightly basis.
December 31, 2024
Amortized costUnrealized gainsUnrealized lossesEstimated fair value
Cash equivalents:
Money market funds(1)
$89,822 $— $— $89,822 
U.S. Treasury securities4,996 1 — 4,997 
Total cash equivalents$94,818 $1 $— $94,819 
Marketable securities:
U.S. Treasury securities$98,247 $72 $(2)$98,317 
Commercial paper21,757 38 — 21,795 
Corporate debt securities46,570 84 (10)46,644 
Government-related debt securities29,805 12 (16)29,801 
Total marketable securities$196,379 $206 $(28)$196,557 
(1 ) This balance includes cash requirements settled on a nightly basis.
As of June 30, 2025 and December 31, 2024, substantially all available-for-sale debt securities had a maturity of 12 months or less. As of June 30, 2025, six securities had a contractual maturity between one and two years, with an estimated fair market value of $17.5 million and amortized cost of $17.5 million. As of December 31, 2024, eight available-for-sale debt securities had a maturity between one and two years, with an estimated fair market value of $19.0 million and amortized cost of $19.0 million.
As of June 30, 2025 and December 31, 2024, the Company had fifty-one and ten available-for-sale positions of debt securities, respectively, in a continuous gross unrealized loss position for less than one year. As of June 30, 2025 and December 31, 2024, unrealized credit losses on these securities were not material. Further, the Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis. Accordingly, the Company did not recognize any other-than-temporary impairment losses.