The Company categorizes its assets and liabilities measured at fair value in accordance with the authoritative accounting guidance that establishes a consistent framework for measuring fair value and expands disclosures for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

The following table identifies the Company’s assets that were measured at fair value on a recurring basis (in thousands):


					Gross		Gross			Estimated
			Amortized		Unrealized		Unrealized			Fair
	Level		Cost		Gains		Losses			Value
June 30, 2025
Cash and cash equivalents - Money market mutual funds		1	$	51,248	$	—	$	—		$	51,248
Cash and cash equivalents - U.S. Treasury securities		2		—		—		—			—
Short-term investments - U.S. Treasury securities		2		188,636		6		(52	)		188,590
Total			$	239,884	$	6	$	(52	)	$	239,838
December 31, 2024
Cash and cash equivalents - Money market mutual funds		1	$	6,506	$	—	$	—		$	6,506
Cash and cash equivalents - U.S. Treasury securities		2		42,382		5		—			42,387
Short-term investments - U.S. Treasury securities		2		262,990		223		(8	)		263,205
Total			$	311,878	$	228	$	(8	)	$	312,098

There were no transfers between the Level 1 and Level 2 categories or into or out of the Level 3 category during the periods presented. During the three and six months ended June 30, 2025, the Company purchased $31.4 million and $65.7 million, respectively, in short-term investments and there were $80.0 million and $143.5 million, respectively, in maturities of short-term investments. During the three and six months ended June 30, 2024, the Company purchased $87.6 million and $151.0 million, respectively, in short-term investments and there were $75.0 million and $130.0 million, respectively, in maturities of short-term investments.

The Company’s short-term investments portfolio contains investments in U.S. Treasury securities that have an effective maturity date that is less than one year from the respective balance sheet date. The Company's money market mutual fund holdings are highly liquid and invest primarily in cash and U.S. Treasury securities.

There was a $0.1 million and $0.3 million net unrealized loss on available-for-sale securities for the three and six months ended June 30, 2025, respectively, and an immaterial and $0.2 million unrealized loss on available-for-sale securities for the three and six months ended June 30, 2024, respectively. Management determined that the gross unrealized losses on the Company’s available-for-sale securities as of June 30, 2025 were primarily attributable to current economic and market conditions and not credit risk. As of June 30, 2025 and December 31, 2024, no allowance for credit losses was recorded. It is neither management’s intention to sell nor is it more likely than not that the Company will be required to sell any investments prior to recovery of its amortized cost basis, which is expected to be at maturity.

Accrued interest on the Company's available-for-sale securities was $1.0 million as of June 30, 2025 and is included in prepaid expenses and other current assets in the accompanying condensed consolidated balance sheet.