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Investments and Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Marketable Investments | The Company’s marketable and non-marketable investments as of September 30, 2025 and December 31, 2024 were as follows (in thousands):
|  | September 30, 2025
|  |  |  | Securities with net gains or losses in accumulated other comprehensive income (loss) |  |  |  |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Loss |  | Fair Value
Marketable investments: |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 23,427 |  |  | $ | — |  |  | $ | (6) |  |  | $ | — |  |  | $ | 23,421 |
Certificate of Deposit |  | 1,002 |  |  | — |  |  | (1) |  |  | — |  |  | 1,001 |
U.S. treasury |  | 2,802 |  |  | — |  |  | (2) |  |  | — |  |  | 2,800 |
Corporate bonds |  | 122,239 |  |  | 1 |  |  | (195) |  |  | — |  |  | 122,045 |
Total |  | 149,470 |  |  | 1 |  |  | (204) |  |  | — |  |  | 149,267 |
Non-marketable investments: |  |  |  |  |  |  |  |  |  |
Non-marketable debt securities |  | 10,000 |  |  | 2,850 |  |  | — |  |  | — |  |  | 12,850 |
Total |  | 10,000 |  |  | 2,850 |  |  | — |  |  | — |  |  | 12,850 |
Total |  | $ | 159,470 |  |  | $ | 2,851 |  |  | $ | (204) |  |  | $ | — |  |  | $ | 162,117 |
|  | December 31, 2024
|  |  |  | Securities with net gains or losses in accumulated other comprehensive income (loss) |  |  |  |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Loss |  | Fair Value
Marketable investments: |  |  |  |  |  |  |  |  |  |
U.S. treasury |  | $ | 15,744 |  |  | $ | 3 |  |  | $ | (20) |  |  | $ | — |  |  | $ | 15,727 |
Total |  | 15,744 |  |  | 3 |  |  | (20) |  |  | — |  |  | 15,727 |
Non-marketable investment: |  |  |  |  |  |  |  |  |  |
Non-marketable debt securities |  | 10,000 |  |  | 2,850 |  |  | — |  |  | — |  |  | 12,850 |
Total |  | 10,000 |  |  | 2,850 |  |  | — |  |  | — |  |  | 12,850 |
Total |  | $ | 25,744 |  |  | $ | 2,853 |  |  | $ | (20) |  |  | $ | — |  |  | $ | 28,577 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following tables present the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than and more than twelve months as of September 30, 2025 and December 31, 2024 (in thousands):
|  | September 30, 2025
|  | Less than 12 months |  | More than 12 months |  | Total
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Marketable investments: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 20,477 |  |  | $ | (6) |  |  | $ | — |  |  | $ | — |  |  | $ | 20,477 |  |  | $ | (6) |
Certificate of Deposit |  | 1,001 |  |  | (1) |  |  | — |  |  | — |  |  | 1,001 |  |  | (1) |
U.S. treasury |  | — |  |  | — |  |  | 2,800 |  |  | (2) |  |  | 2,800 |  |  | (2) |
Corporate bonds |  | 119,033 |  |  | (195) |  |  | — |  |  | — |  |  | 119,033 |  |  | (195) |
Total |  | $ | 140,511 |  |  | $ | (202) |  |  | $ | 2,800 |  |  | $ | (2) |  |  | $ | 143,311 |  |  | $ | (204) |
|  | December 31, 2024
|  | Less than 12 months |  | More than 12 months |  | Total
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Marketable investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury |  | $ | 2,787 |  |  | $ | (19) |  |  | $ | 2,987 |  |  | $ | (1) |  |  | $ | 5,774 |  |  | $ | (20) |
Total |  | $ | 2,787 |  |  | $ | (19) |  |  | $ | 2,987 |  |  | $ | (1) |  |  | $ | 5,774 |  |  | $ | (20) |
Schedule of Contractual Maturities of Marketable Investments | The contractual maturities of the Company’s marketable investments as of September 30, 2025 (in thousands):
|  | September 30, 2025 |  |
Marketable investments: |  | Amortized Cost |  | Fair Value |  |
Due in one year |  | $ | 33,763 |  |  | $ | 33,751 |  |  |
Due in one to five years |  | 115,707 |  |  | 115,516 |  |  |
Total |  | $ | 149,470 |  |  | $ | 149,267 |  |  |
Schedule of Fair Value of Assets and Liabilities | The following tables set forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy as of September 30, 2025 and December 31, 2024 (in thousands):
|  | As of September 30, 2025
|  | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value
Financial Assets |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |
Commercial paper |  | $ | — |  |  | $ | 156,355 |  |  | $ | — |  |  | $ | 156,355 |
Certificate of deposit |  | — |  |  | 27,723 |  |  | — |  |  | 27,723 |
Money market funds |  | 56,972 |  |  | — |  |  | — |  |  | 56,972 |
Marketable investments: |  |  |  |  |  |  |  |
Commercial paper |  | — |  |  | 23,421 |  |  | — |  |  | 23,421 |
Certificate of deposit |  | — |  |  | 1,001 |  |  | — |  |  | 1,001 |
U.S. treasury |  | 2,800 |  |  | — |  |  | — |  |  | 2,800 |
Corporate bonds |  | — |  |  | 122,045 |  |  | — |  |  | 122,045 |
Non-marketable investment: |  |  |  |  |  |  |  |
Non-marketable investment |  | — |  |  | — |  |  | 12,850 |  |  | 12,850 |
Total |  | $ | 59,772 |  |  | $ | 330,545 |  |  | $ | 12,850 |  |  | $ | 403,167 |
|  | As of December 31, 2024
|  | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value
Financial Assets |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |
Commercial paper |  | $ | — |  |  | $ | 139,271 |  |  | $ | — |  |  | $ | 139,271 |
Certificate of deposit |  | — |  |  | 15,995 |  |  | — |  |  | 15,995 |
U.S agency securities |  | — |  |  | 3,369 |  |  | — |  |  | 3,369 |
Money market funds |  | 68,133 |  |  | — |  |  | — |  |  | 68,133 |
U.S treasury |  | 23,497 |  |  | — |  |  | — |  |  | 23,497 |
Marketable investments: |  |  |  |  |  |  |  |
U.S. treasury |  | 15,727 |  |  | — |  |  | — |  |  | 15,727 |
Non-marketable investment: |  |  |  |  |  |  |  |
Non-marketable investment |  | — |  |  | — |  |  | 12,850 |  |  | 12,850 |
Total |  | $ | 107,357 |  |  | $ | 158,635 |  |  | $ | 12,850 |  |  | $ | 278,842 |

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