Marketable Securities and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Available-for-Sale Marketable Securities and Fair Value Measurements [Abstract]

Schedule of Fair Value Measurements on Cash Equivalents and Marketable Securities

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			$	—

Summary of Marketable Securities by Major Type of Security

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

Schedule of Unrealized Loss Positions of Marketable Securities

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	)