| Fair Value Measurements |
3. Fair Value Measurements The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of June 30, 2025 and December 31, 2024 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at
June 30, 2025: |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
Money market fund |
|
$ |
324,219 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
324,219 |
|
US treasuries |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
US government agencies |
|
|
— |
|
|
|
4,496 |
|
|
|
— |
|
|
|
4,496 |
|
Commercial Paper |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Marketable securities, current |
|
|
|
|
|
|
|
|
|
|
|
|
US treasuries |
|
|
111,574 |
|
|
|
— |
|
|
|
— |
|
|
|
111,574 |
|
US government agencies |
|
|
— |
|
|
|
48,504 |
|
|
|
— |
|
|
|
48,504 |
|
Commercial Paper |
|
|
— |
|
|
|
4,174 |
|
|
|
— |
|
|
|
4,174 |
|
Corporate bonds |
|
|
— |
|
|
|
165,377 |
|
|
|
— |
|
|
|
165,377 |
|
Marketable securities, non-current |
|
|
|
|
|
|
|
|
|
|
|
|
US treasuries |
|
|
38,897 |
|
|
|
|
|
|
— |
|
|
|
38,897 |
|
US government agencies |
|
|
— |
|
|
|
121,828 |
|
|
|
— |
|
|
|
121,828 |
|
Corporate bonds |
|
|
— |
|
|
|
136,904 |
|
|
|
— |
|
|
|
136,904 |
|
Restricted cash |
|
|
5,820 |
|
|
|
|
|
|
|
|
|
5,820 |
|
Total |
|
$ |
480,510 |
|
|
$ |
481,283 |
|
|
$ |
— |
|
|
$ |
961,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at
December 31, 2024: |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
Money market fund |
|
$ |
106,234 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
106,234 |
|
US treasuries |
|
|
1,497 |
|
|
|
— |
|
|
|
— |
|
|
|
1,497 |
|
US government agencies |
|
|
— |
|
|
|
9,925 |
|
|
|
— |
|
|
|
9,925 |
|
Marketable securities, current |
|
|
|
|
|
|
|
|
|
|
|
|
US treasuries |
|
|
96,442 |
|
|
|
— |
|
|
|
— |
|
|
|
96,442 |
|
US government agencies |
|
|
— |
|
|
|
42,068 |
|
|
|
— |
|
|
|
42,068 |
|
Commercial Paper |
|
|
— |
|
|
|
15,851 |
|
|
|
— |
|
|
|
15,851 |
|
Corporate bonds |
|
|
— |
|
|
|
214,127 |
|
|
|
— |
|
|
|
214,127 |
|
Marketable securities, non-current |
|
|
|
|
|
|
|
|
|
|
|
|
US treasuries |
|
|
62,022 |
|
|
|
— |
|
|
|
— |
|
|
|
62,022 |
|
US government agencies |
|
|
— |
|
|
|
135,749 |
|
|
|
— |
|
|
|
135,749 |
|
Corporate bonds |
|
|
— |
|
|
|
164,388 |
|
|
|
— |
|
|
|
164,388 |
|
Restricted cash |
|
|
5,794 |
|
|
|
— |
|
|
|
— |
|
|
|
5,794 |
|
Total |
|
$ |
271,989 |
|
|
$ |
582,108 |
|
|
$ |
— |
|
|
$ |
854,097 |
|
During the six months ended June 30, 2025 and the year ended December 31, 2024, there were no transfers in or out of Level 3.
|