| Schedule of Financial Instruments Measured at Fair Value |
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 1 | | Level 2 | | Level 3 | | Total | | Assets: | | | | | | | | Money market funds(1) | $ | 96,648 | | | $ | — | | | $ | — | | | $ | 96,648 | | | U.S. Treasury securities | 147,750 | | | — | | | — | | | 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 1 | | Level 2 | | Level 3 | | Total | | Assets: | | | | | | | | Money market funds(1) | $ | 89,822 | | | $ | — | | | $ | — | | | $ | 89,822 | | | U.S. Treasury securities | 103,314 | | | — | | | — | | | 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. |
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| Schedule of Estimated Value of Cash, Cash Equivalents, Marketable Securities, and Equity Securities |
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 cost | | Unrealized gains | | Unrealized losses | | Estimated 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 paper | 63,964 | | | 1 | | | (23) | | | 63,942 | | | Corporate debt securities | 51,322 | | | 54 | | | (3) | | | 51,373 | | | Government-related debt securities | 21,449 | | | — | | | (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 cost | | Unrealized gains | | Unrealized losses | | Estimated fair value | | Cash equivalents: | | | | | | | | Money market funds(1) | $ | 89,822 | | | $ | — | | | $ | — | | | $ | 89,822 | | | U.S. Treasury securities | 4,996 | | | 1 | | | — | | | 4,997 | | | | | | | | | | | | | | | | | | | Total cash equivalents | $ | 94,818 | | | $ | 1 | | | $ | — | | | $ | 94,819 | | | | | | | | | | | Marketable securities: | | | | | | | | | U.S. Treasury securities | $ | 98,247 | | | $ | 72 | | | $ | (2) | | | $ | 98,317 | | | Commercial paper | 21,757 | | | 38 | | | — | | | 21,795 | | | Corporate debt securities | 46,570 | | | 84 | | | (10) | | | 46,644 | | | Government-related debt securities | 29,805 | | | 12 | | | (16) | | | 29,801 | | | Total marketable securities | $ | 196,379 | | | $ | 206 | | | $ | (28) | | | $ | 196,557 | |
(1 ) This balance includes cash requirements settled on a nightly basis.
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