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Investment Securities and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Investment Securities Available-for-Sale

Investment securities classified as available-for-sale consisted of the following as of December 31, 2024 and 2023 (in thousands):

			December 31, 2024
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
U.S. government and agency securities			$	235,509					$	261					$	(25)					$	235,745
Total available-for-sale investment securities			$	235,509					$	261					$	(25)					$	235,745

			December 31, 2023
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
U.S. government and agency securities			162,062						193						(59)						162,196
Total available-for-sale investment securities			$	162,062					$	193					$	(59)					$	162,196

Schedule of Fair Values of Available-for-Sale Investment Securities, by Remaining Contractual Maturity

The fair values of available-for-sale investment securities, by remaining contractual maturity, are as follows (in thousands):

			December 31, 2024												December 31, 2023
			Amortized Cost						Estimated Fair Value						Amortized Cost						Estimated Fair Value
Due in one year or less			$	235,509					$	235,745					$	162,062					$	162,196
Total available-for-sale investment securities			$	235,509					$	235,745					$	162,062					$	162,196

Schedule of Sales and Maturities of Investment Securities

During the years ended December 31, 2024 and 2023, we had sales and maturities (which include calls) of investment securities, as follows (in thousands):

			Year Ended December 31, 2024
			Gross Realized Gains						Gross Realized Losses						Gross Proceeds from Sales						Gross Proceeds from Maturities
U.S. government and agency securities			4						(1)						9,984						240,035
			$	4					$	(1)					$	9,984					$	240,035

			Year Ended December 31, 2023
			Gross Realized Gains						Gross Realized Losses						Gross Proceeds from Sales						Gross Proceeds from Maturities
Corporate bonds			$	3					$	—					$	1,013					$	16,497
U.S. government and agency securities			—						—						—						135,885
			$	3					$	—					$	1,013					$	152,382

Schedule of Financial Assets Measured at Fair Value on a Recurring Basis

The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023 by level within the fair value hierarchy (in thousands):

			December 31, 2024
			Level 1						Level 2												Total Fair Value
Cash equivalents:
Money market funds			$	25,167					$	—											$	25,167
Available-for-sale investment securities:
U.S. government and agency securities			—						235,745												235,745
Total			$	25,167					$	235,745											$	260,912

			December 31, 2023
			Level 1						Level 2												Total Fair Value
Cash equivalents:
Money market funds			$	37,100					$	—											$	37,100
Available-for-sale investment securities:
U.S. government and agency securities			—						162,196												162,196
Total			$	37,100					$	162,196											$	199,296

Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis

The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023 by level within the fair value hierarchy (in thousands):

			December 31, 2024
			Level 1						Level 2												Total Fair Value
Cash equivalents:
Money market funds			$	25,167					$	—											$	25,167
Available-for-sale investment securities:
U.S. government and agency securities			—						235,745												235,745
Total			$	25,167					$	235,745											$	260,912

			December 31, 2023
			Level 1						Level 2												Total Fair Value
Cash equivalents:
Money market funds			$	37,100					$	—											$	37,100
Available-for-sale investment securities:
U.S. government and agency securities			—						162,196												162,196
Total			$	37,100					$	162,196											$	199,296

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

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