v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

5. Fair Value Measurements

The following tables present information about the Company’s assets and liabilities that are regularly measured and carried at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value, which is described further within Note 2 - Summary of Significant Accounting Policies to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Financial assets and liabilities measured at fair value on a recurring basis are summarized as follows (in thousands):

 

June 30, 2025

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

110,355

 

$

—

 

 

$

—

 

U.S. treasury securities

 

 

—

 

 

 

8,022

 

 

 

—

 

Total cash equivalents

 

 

110,355

 

 

 

8,022

 

 

 

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

 

—

 

 

 

449,543

 

 

 

—

 

U.S. government agency securities

 

 

—

 

 

 

73,093

 

 

 

—

 

Total marketable securities

 

 

—

 

 

 

522,636

 

 

 

—

 

Total assets

 

$

110,355

 

 

$

530,658

 

 

$

—

 

 

 

December 31, 2024

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

88,735

 

 

$

—

 

 

$

—

 

U.S. treasury securities

 

 

—

 

 

 

91,916

 

 

 

—

 

Total cash equivalents

 

 

88,735

 

 

 

91,916

 

 

 

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

 

—

 

 

 

189,663

 

 

 

—

 

U.S. government agency securities

 

 

—

 

 

 

107,784

 

 

 

—

 

Total marketable securities

 

 

—

 

 

 

297,447

 

 

 

—

 

Total assets

 

$

88,735

 

 

$

389,363

 

 

$

—

 

The fair value of the Company’s Level 1 cash equivalents, consisting of money market funds, is based on quoted market prices in active markets with no valuation adjustment. The fair value of the Company’s Level 2 cash equivalents consisting of U.S. treasury securities with original maturities of three months or less and marketable securities consisting of U.S. treasury and U.S. government agency securities with original maturities 24 months or less, are determined through third-party pricing services.

There have been no impairments of the Company’s assets measured and carried at fair value during the three and six months ended June 30, 2025 and 2024. There were no changes in valuation techniques during the three and six months ended June 30, 2025 and 2024. There were no transfers between Level 1, Level 2 and Level 3 financial assets during the three and six months ended June 30, 2025. The Company transferred assets of $0.9 million from Level 2 to Level 1 during the three and six months ended June 30, 2024. The Company did not have any non-recurring fair value measurements on any assets or liabilities during the three and six months ended June 30, 2025 and 2024.