v3.25.2
Fair Value Measurements and Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
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 
Schedule of Debt Securities, Available-for-Sale
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 
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)
Schedule of Investments Classified by Contractual Maturity Date
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