Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

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			$	—