| Schedule of Cash, Cash Equivalents and Marketable Securities |
As of June 30, 2025 and December 31, 2024, cash, cash equivalents and marketable securities and the fair value hierarchy level consisted of the following (in thousands):
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June 30, 2025 |
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Fair value hierarchy level |
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Amortized
cost |
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Gross
unrealized
gains |
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Gross
unrealized
losses |
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Total
fair
value |
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Assets: |
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Cash equivalents: |
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|
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|
|
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Money market funds |
|
Level 1 |
|
$ |
189,024 |
|
|
$ |
— |
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|
$ |
— |
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|
|
189,024 |
|
Commercial paper |
|
Level 2 |
|
|
8,584 |
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|
|
— |
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|
|
(1 |
) |
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|
8,583 |
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Total cash equivalents |
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197,608 |
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— |
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(1 |
) |
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|
197,607 |
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Marketable securities: |
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Commercial paper |
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Level 2 |
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94,906 |
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2 |
|
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(37 |
) |
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94,871 |
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U.S. treasury securities |
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Level 1 |
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76,432 |
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7 |
|
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(1 |
) |
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76,438 |
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Corporate bonds |
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Level 2 |
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|
4,782 |
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1 |
|
|
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(5 |
) |
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|
4,778 |
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Total marketable securities |
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|
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176,120 |
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10 |
|
|
|
(43 |
) |
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|
176,087 |
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Total assets |
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$ |
373,728 |
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$ |
10 |
|
|
$ |
(44 |
) |
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$ |
373,694 |
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December 31, 2024 |
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|
|
Fair value hierarchy level |
|
Amortized
cost |
|
|
Gross
unrealized
gains |
|
|
Gross
unrealized
losses |
|
|
Total
fair
value |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
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Cash equivalents: |
|
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|
|
|
|
|
|
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|
|
|
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Money market funds |
|
Level 1 |
|
$ |
259,084 |
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$ |
— |
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$ |
— |
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$ |
259,084 |
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Commercial paper |
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Level 2 |
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4,575 |
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— |
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— |
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|
4,575 |
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Total cash equivalents |
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263,659 |
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— |
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— |
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263,659 |
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Marketable securities: |
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Commercial paper |
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Level 2 |
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100,411 |
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49 |
|
|
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(7 |
) |
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|
100,453 |
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U.S. treasury securities |
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Level 1 |
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|
60,558 |
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|
30 |
|
|
|
— |
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|
60,588 |
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Corporate bonds |
|
Level 2 |
|
|
4,750 |
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— |
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(4 |
) |
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|
4,746 |
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Total marketable securities |
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|
|
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165,719 |
|
|
|
79 |
|
|
|
(11 |
) |
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|
165,787 |
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Total assets |
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$ |
429,378 |
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$ |
79 |
|
|
$ |
(11 |
) |
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$ |
429,446 |
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| Schedule of Interest Income Earned from Cash and Cash Equivalents and Marketable Securities Included in Other Income |
For the three and six months ended June 30, 2025 and 2024, interest income earned from cash and cash equivalents and marketable securities included in other income, net in the unaudited condensed consolidated statements of operations and comprehensive loss, was composed of the following (in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Cash and cash equivalents |
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$ |
2,641 |
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$ |
2,762 |
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$ |
5,519 |
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$ |
5,439 |
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Marketable securities |
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1,922 |
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2,238 |
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|
3,909 |
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|
4,640 |
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Total |
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$ |
4,563 |
|
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$ |
5,000 |
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|
$ |
9,428 |
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$ |
10,079 |
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