Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Measurements

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Reoccurring Basis

The following table presents information about the Company’s financial assets and liabilities measured at fair value on a reoccurring basis and indicates the level of fair value hierarchy utilized to determine such values (in thousands):


		AS OF JUNE 30, 2025
		LEVEL 1				LEVEL 2				LEVEL 3				TOTAL
Cash equivalents:
Money market funds		$	77,800			$	—			$	—			$	77,800
Commercial paper			—				40,447				—				40,447
Marketable securities:
U.S. treasury securities			254,645				—				—				254,645
Debt securities issued by U.S. government agencies			—				116,854				—				116,854
Commercial paper			—				34,296				—				34,296
Corporate debt securities			—				91,202				—				91,202
Total		$	332,445			$	282,799			$	—			$	615,244


		AS OF DECEMBER 31, 2024
		LEVEL 1				LEVEL 2				LEVEL 3				TOTAL
Cash equivalents:
Money market funds		$	132,491			$	—			$	—			$	132,491
Marketable securities:
U.S. treasury securities			248,935				—				—				248,935
Debt securities issued by U.S. government agencies			—				218,696				—				218,696
Commercial paper			—				35,557				—				35,557
Corporate debt securities			—				86,092				—				86,092
Total		$	381,426			$	340,345			$	—			$	721,771