As of September 30, 2025 and December 31, 2024, we had cash equivalents and short-term investments measured at fair value on a recurring basis.

Available-for-sale securities consist of money market funds and U.S. Treasury securities, which are measured at fair value using Level 1 inputs, and U.S. Agency bonds which are measured at fair value using Level 2 inputs. We determine the fair value of Level 2 related securities with the aid of valuations provided by third parties using proprietary valuation models and analytical tools. These valuation models and analytical tools use market pricing or prices for similar instruments that are both objective and publicly available, including matrix pricing or reported trades, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids and/or offers. We validate the fair values of Level 2 financial instruments by comparing these fair values to a third-party pricing source.

The following tables summarize, by major security type, our cash equivalents and short-term investments that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy, in thousands:


	September 30, 2025
	Total		Level 1		Level 2		Level 3
Cash equivalents
Money market funds	$	39,180	$	39,180	$	—	$	—
U.S. Treasury securities		7,460		7,460		—		—
Total cash equivalents		46,640		46,640		—		—

Short-term investments
U.S. Treasury securities		421,874		421,874		—		—
U.S. Agency bonds		32,504	—			32,504		—
Total short-term investments		454,378		421,874		32,504		—
Total	$	501,018	$	468,514	$	32,504	$	—


	December 31, 2024
	Total		Level 1		Level 2		Level 3
Cash equivalents
Money market funds	$	200,024	$	200,024	$	—	$	—

Short-term investments
U.S. Treasury securities		497,938		497,938		—		—
U.S. Agency bonds		4,995	—			4,995		—
Total short-term investments		502,933		497,938		4,995		—
Total	$	702,957	$	697,962	$	4,995	$	—

We believe that our term loan facility bears interest at a rate that approximates prevailing market rates for instruments with similar characteristics and, accordingly, the carrying value of the term loan facility approximates fair value. The fair value of our term loan facility is determined using Level 2 inputs in the fair value hierarchy.