The Company records marketable securities and cash equivalents at their estimated fair values, which are based on market prices from a variety of industry standard data providers and generally represent quoted prices for similar assets in active markets or have been derived from observable market data.

Fair value is determined based on a three-tier hierarchy under the authoritative guidance for fair value measurements and disclosures that prioritizes the inputs used in measuring fair value as follows:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurements and unobservable (i.e., supported by little or no market activity).

Money market funds are highly liquid investments and are classified as Level 1. The pricing information for these assets is readily available and can be independently validated as of the measurement date. Marketable securities, including U.S. Treasury securities, U.S. government agency securities, commercial paper, and corporate debt securities, are classified as Level 2. These securities are valued using fair value from third-party pricing services, which may use observable inputs based on real-time trade data for similar assets, broker/dealer quotes, bids and/or offers and other observable inputs.

The carrying amounts of the Company’s prepaid and other current assets, accounts payable, and accrued and other current liabilities approximate fair value due to their short maturities.

The fair value measurements of the Company’s cash equivalents and marketable securities are identified at the following levels within the fair value hierarchy (in thousands):


	June 30, 2025
			Fair Value Measurement
	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	93,893	$	93,893	$	—	$	—
Commercial paper		82,124		—		82,124		—
U.S. treasury securities		6,958		—		6,958		—
Marketable securities, current:
U.S. treasury securities		112,883		—		112,883		—
U.S. government agency securities		14,760		—		14,760		—
Commercial paper		7,637		—		7,637		—
Corporate debt securities		1,970		—		1,970		—
Marketable securities, non-current:
U.S. treasury securities		49,819		—		49,819		—
U.S. government agency securities		2,814		—		2,814		—
Total measured at fair value	$	372,858	$	93,893	$	278,965	$	—


	As of December 31, 2024
			Fair Value Measurement
	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	141,779	$	141,779	$	—	$	—
Commercial paper		82,527		—		82,527		—
U.S. government agency securities		8,059		—		8,059		—
Marketable securities, current:
U.S. treasury securities		73,555		—		73,555		—
Commercial paper		23,487		—		23,487		—
U.S. government agency securities		14,193		—		14,193		—
Corporate debt securities		1,492		—		1,492		—
Marketable securities, non-current:
U.S. treasury securities		65,406		—		65,406		—
U.S. government agency securities		2,514		—		2,514		—
Corporate debt securities		1,946		—		1,946		—
Total measured at fair value	$	414,958	$	141,779	$	273,179	$	—

As of June 30, 2025 and December 31, 2024, the Company’s marketable securities consist of debt securities, including U.S. Treasury and agency securities, corporate debt securities and commercial paper. These marketable securities are carried at fair value and are included in the tables above. The Company records an allowance for credit losses when unrealized losses are due to credit-related factors. At each reporting date, the Company evaluates securities with unrealized losses to determine whether such losses, if any, are due to credit-related factors. The Company evaluates, among others, whether the Company has the intention to sell any of these marketable securities and whether it is not more likely than not that the Company will be required to sell any of them before recovery of the amortized cost basis. Neither of these criteria were met at June 30, 2025 or December 31, 2024. The credit ratings of the securities held remain of the highest quality. Moreover, the Company continues to receive payments of interest and principal as they become due, and the Company's expectation is that those payments will continue to be received timely. Based on this evaluation, as of June 30, 2025 and December 31, 2024, the Company determined that unrealized losses of its marketable securities were primarily attributable to changes in interest rates and non-credit related factors. As such, no allowances for credit losses were recorded at June 30, 2025 or December 31, 2024.

Interest receivable as of June 30, 2025 and December 31, 2024 was $1.2 million and $1.0 million, respectively, and is recorded as a component of prepaid expenses and other current assets on the Company’s condensed balance sheets.

As of June 30, 2025 and December 31, 2024, all marketable securities in an unrealized loss position had been in an unrealized loss position for less than 12 months. As of June 30, 2025, the Company held 50 marketable securities in an unrealized loss position. As of December 31, 2024, the Company held 36 marketable securities in an unrealized loss position.

As of June 30, 2025, the following table summarizes the amortized cost and the unrealized gains (losses) of the marketable securities presented within marketable securities and cash equivalents (in thousands):


	Remaining								Aggregate
	Contractual								Estimated Fair
	Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses			Value
U.S. treasury securities	Less than 1	$	119,790	$	59	$	(8	)	$	119,841
Commercial paper	Less than 1		89,781		—		(20	)		89,761
U.S. government agency securities	Less than 1		14,748		17		(5	)		14,760
Corporate debt securities	Less than 1		1,964		6		—			1,970
Total maturity less than 1 year			226,283		82		(33	)		226,332
U.S. treasury securities	1 to 2		49,692		127		—			49,819
U.S. government agency securities	1 to 2		2,814		—		—			2,814
Total		$	278,789	$	209	$	(33	)	$	278,965

As of December 31, 2024, the following table summarizes the amortized cost and the unrealized gains (losses) of the marketable securities presented within marketable securities and cash equivalents (in thousands):


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Estimated Fair Value
Commercial paper	Less than 1	$	106,017	$	6	$	(9	)	$	106,014
U.S. treasury securities	Less than 1		73,511		44		—			73,555
U.S. government agency securities	Less than 1		22,245		10		(3	)		22,252
Corporate debt securities	Less than 1		1,491		1		—			1,492
Total maturity less than 1 year			203,264		61		(12	)		203,313
U.S. treasury securities	1 to 2		65,427		37		(58	)		65,406
U.S. government agency securities	1 to 2		2,492		22		—			2,514
Corporate debt securities	1 to 2		1,940		7		(1	)		1,946
Total		$	273,123	$	127	$	(71	)	$	273,179

As of June 30, 2025, the following table summarizes marketable securities in an unrealized loss position (in thousands):


	Less than 12 Months
	Fair Value		Gross Unrealized Loss
Commercial paper	$	89,761	$	(20	)
U.S. treasury securities		39,357		(8	)
U.S. government agency securities		12,197		(5	)
Total	$	141,315	$	(33	)

As of December 31, 2024, the following table summarizes marketable securities in an unrealized loss position (in thousands):


	Less than 12 Months
	Fair Value		Gross Unrealized Loss
Corporate debt securities	$	987	$	(1	)
Commercial paper		70,172		(9	)
U.S. government agency securities		6,469		(3	)
U.S. treasury securities		52,508		(58	)
Total	$	130,136	$	(71	)