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Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
3.
Fair value measurements

The carrying amounts of certain of the Company’s financial instruments, including cash equivalents, marketable securities, accounts payable and accrued expenses and other current liabilities approximate fair value due to their relatively short maturities and market interest rates, if applicable. For more information, refer to Note 4 regarding the fair value of the Company’s available-for-sale securities.

Assets and liabilities recorded at fair value on a recurring basis in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:

Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following table presents information about the Company’s financial assets that are measured at fair value and indicates the fair value hierarchy of the valuation:

 

 

 

March 31, 2025

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

247,266

 

 

$

247,266

 

 

$

—

 

 

$

—

 

Commercial paper

 

 

210,544

 

 

 

—

 

 

 

210,544

 

 

 

—

 

Certificates of deposit

 

 

3,836

 

 

 

—

 

 

 

3,836

 

 

 

—

 

U.S. government and agency securities

 

 

957,821

 

 

 

—

 

 

 

957,821

 

 

 

—

 

Corporate bonds

 

 

684,991

 

 

 

—

 

 

 

684,991

 

 

 

—

 

Total

 

$

2,104,458

 

 

$

247,266

 

 

$

1,857,192

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

 

750

 

 

 

420

 

 

 

330

 

 

 

—

 

Total

 

$

750

 

 

$

420

 

 

$

330

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

409,233

 

 

$

409,233

 

 

$

—

 

 

$

—

 

Commercial paper

 

 

245,658

 

 

 

—

 

 

 

245,658

 

 

 

—

 

Certificates of deposit

 

 

9,048

 

 

 

—

 

 

 

9,048

 

 

 

—

 

U.S. government and agency securities

 

 

1,051,754

 

 

 

—

 

 

 

1,051,754

 

 

 

—

 

Corporate bonds

 

 

571,654

 

 

 

—

 

 

 

571,654

 

 

 

—

 

Total

 

$

2,287,347

 

 

$

409,233

 

 

$

1,878,114

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

 

3,189

 

 

 

1,784

 

 

 

1,405

 

 

 

—

 

Total

 

$

3,189

 

 

$

1,784

 

 

$

1,405

 

 

$

—

 

Money market funds are measured at fair value on a recurring basis using quoted prices. U.S. government debt securities, government agency bonds, certificates of deposit, commercial paper and corporate bonds are measured at fair value, which is derived from independent pricing sources based on quoted prices in active markets for similar securities.

There were no transfers between Levels 1, 2 or 3 for any of the periods presented.

The fair value of the warrant liabilities was based on observable listed prices for such warrants. The fair value of the public warrants is categorized as Level 1. The fair value of the private warrants is categorized as Level 2 as they are equivalent to the public warrants as they have substantially the same terms; however they are not actively traded.