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Investments and Fair Value of Financial Instruments (Tables)

9 Months Ended

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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