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v3.25.1

Fair Value Measurements | 3 Months Ended
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Mar. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
Fair Value Measurements | . FAIR VALUE MEASUREMENTS The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):
|  | Fair Value Measured as of |
|  | March 31, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash: |  |  |  |  |  |  |  |  |  |  |  |
Cash and money market funds(1) |  | $ | 24,871 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,871 |
US government and agency |  |  | — |  |  |  | 137,489 |  |  |  | — |  |  |  | 137,489 |
Total cash, cash equivalents and restricted cash |  | $ | 24,871 |  |  | $ | 137,489 |  |  | $ | — |  |  | $ | 162,360 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
Corporate notes and bonds |  |  | — |  |  |  | 13,932 |  |  |  | — |  |  |  | 13,932 |
US government and agency |  |  | — |  |  |  | 414,673 |  |  |  | — |  |  |  | 414,673 |
Total short-term investments |  | $ | — |  |  | $ | 428,605 |  |  | $ | — |  |  | $ | 428,605 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |
US government and agency |  |  | — |  |  |  | 108,861 |  |  |  | — |  |  |  | 108,861 |
Total long-term investments |  | $ | — |  |  | $ | 108,861 |  |  | $ | — |  |  | $ | 108,861 |
Total assets |  | $ | 24,871 |  |  | $ | 674,955 |  |  | $ | — |  |  | $ | 699,826 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Public warrants |  | $ | 21,241 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,241 |
|  | Fair Value Measured as of |
|  | December 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash: |  |  |  |  |  |  |  |  |  |  |  |
Cash and money market funds(1) |  | $ | 33,204 |  |  | $ | — |  |  | $ | — |  |  | $ | 33,204 |
US government and agency |  |  | — |  |  |  | 23,636 |  |  |  | — |  |  |  | 23,636 |
Total cash, cash equivalents and restricted cash |  | $ | 33,204 |  |  | $ | 23,636 |  |  | $ | — |  |  | $ | 56,840 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
Corporate notes and bonds |  |  | — |  |  |  | 43,868 |  |  |  | — |  |  |  | 43,868 |
US government and agency |  |  | — |  |  |  | 242,028 |  |  |  | — |  |  |  | 242,028 |
Total short-term investments |  | $ | — |  |  | $ | 285,896 |  |  | $ | — |  |  | $ | 285,896 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |
Corporate notes and bonds |  |  | — |  |  |  | 1,924 |  |  |  | — |  |  |  | 1,924 |
US government and agency |  |  | — |  |  |  | 21,621 |  |  |  | — |  |  |  | 21,621 |
Total long-term investments |  | $ | — |  |  | $ | 23,545 |  |  | $ | — |  |  | $ | 23,545 |
Total assets |  | $ | 33,204 |  |  | $ | 333,077 |  |  | $ | — |  |  | $ | 366,281 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Public warrants |  | $ | 70,688 |  |  | $ | — |  |  | $ | — |  |  | $ | 70,688 |
(1) Includes money market funds associated with the Company’s overnight investment sweep account and cash collateralizing the Company's letters of credit and corporate credit cards. Transfers to/from Levels 1, 2 and 3 are recognized at the beginning of the reporting period. There were no transfers between levels during the current period. On March 31, 2025, the closing trading price of the public warrants was $11.11 per warrant.

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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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