| Schedule of financial assets measured at fair value on a recurring basis by level within the fair value hierarchy |
The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): | | | | | | | | | | | | | | | | | As of June 30, 2025 | | | Fair Value | | Amortized | | Unrealized | | Unrealized | | Fair Market | | | Hierarchy | | Cost Basis | | Gains | | Losses | | Value | Cash equivalents: | | | | | | | | | | | | | | | Money market funds | | Level 1 | | $ | 43,218 | | $ | — | | $ | — | | $ | 43,218 | Marketable securities, available for sale: | | | | | | | | | | | | | | | Asset-backed securities | | Level 2 | | | 55,748 | | | 31 | | | — | | | 55,779 | Corporate debt securities | | Level 2 | | | 183,498 | | | 232 | | | (24) | | | 183,706 | Commercial paper | | Level 2 | | | 41,857 | | | — | | | (25) | | | 41,832 | U.S. government treasury and agency securities | | Level 2 | | | 269,281 | | | 63 | | | (73) | | | 269,271 | Total | | | | $ | 593,602 | | $ | 326 | | $ | (122) | | $ | 593,806 |
| | | | | | | | | | | | | | | | | As of December 31, 2024 | | | Fair Value | | Amortized | | Unrealized | | Unrealized | | Fair Market | | | Hierarchy | | Cost Basis | | Gains | | Losses | | Value | Cash equivalents: | | | | | | | | | | | | | | | Money market funds | | Level 1 | | $ | 41,474 | | $ | — | | $ | — | | $ | 41,474 | Marketable securities, available for sale: | | | | | | | | | | | | | | | Asset-backed securities | | Level 2 | | | 50,262 | | | 69 | | | — | | | 50,331 | Corporate debt securities | | Level 2 | | | 193,769 | | | 179 | | | (81) | | | 193,867 | Commercial paper | | Level 2 | | | 10,432 | | | 3 | | | — | | | 10,435 | U.S. government treasury and agency securities | | Level 2 | | | 173,621 | | | 279 | | | (29) | | | 173,871 | Total | | | | $ | 469,558 | | $ | 530 | | $ | (110) | | $ | 469,978 |
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