v3.25.2
Fair Value Measurements and Investments
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Investments Fair Value Measurements and Investments
The following tables present the Company’s fair value hierarchy for its assets that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair value:
As of June 30, 2025:
(in thousands)Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$— $40,748 $— $40,748 
Corporate debt securities— 6,776 — 6,776 
U.S. Treasury and government securities— 5,216 — 5,216 
Short-term investments:
U.S. Treasury and government securities— 36,347 — 36,347 
Corporate debt securities— 8,192 — 8,192 
Related party short-term investment:
Beam equity securities3,407 — — 3,407 
Total cash equivalents and investments$3,407 $97,279 $— $100,686 
As of December 31, 2024:
(in thousands)Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$— $178,212 $— $178,212 
Corporate debt securities— 3,793 — 3,793 
Short-term investment:
U.S. Treasury and government securities— 2,998 — 2,998 
Related party short-term investment:
Beam equity securities4,968 — — 4,968 
Total cash equivalents and investments$4,968 $185,003 $— $189,971 
The Company classifies its investments as short-term based on each instrument’s underlying contractual maturity date. The fair value of investments classified as Level 2 are valued using observable inputs to quoted market prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency.
Investments in Debt Securities
Unrealized gains and losses of investments in debt securities consisted of the following:
As of June 30, 2025:
(in thousands)Amortized CostUnrealized GainsUnrealized LossesFair Value
Short-term investments in debt securities:
U.S. Treasury and government securities$36,355 $— $(8)$36,347 
Corporate debt securities8,194 — (2)8,192 
Total short-term investments in debt securities$44,549 $— $(10)$44,539 
As of December 31, 2024:
(in thousands)Amortized CostUnrealized GainsUnrealized LossesFair Value
Short-term investments:
U.S. Treasury and government securities$2,997 $1 $— $2,998 
Total short-term investments in debt securities$2,997 $1 $— $2,998 
The contractual maturities of the Company’s investments in debt securities were as follows:
(in thousands)June 30,
2025		December 31,
2024
Due within one year$44,539 $2,998 
Marketable securities in unrealized loss positions consisted of the following:
As of June 30, 2025:
(in thousands, except number of securities)Number of SecuritiesFair ValueGross Unrealized Losses
Investments in continuous loss position for less than 12 months:
U.S. Treasury and government securities12 $36,347 $(8)
Corporate debt securities9 $8,192 $(2)
Based on factors such as historical experience, market data, issuer-specific factors, and current economic conditions, the Company did not record an allowance for credit losses as of June 30, 2025 related to these investments. Further, given the lack of significant change in the credit risk, the Company does not consider these investments to be impaired.