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Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

3. Fair Value of Financial Instruments

The fair value of the Company’s financial assets by level within the fair value hierarchy were as follows (in thousands):

 

 

December 31, 2024

 

 

Level 1

 

Level 2

 

Level 3

 

Money market fund (cash equivalent)

$

104,579

 

$

—

 

$

—

 

Money market fund (short-term restricted cash)

 

208

 

—

 

—

 

Certificate of deposit (long-term restricted cash)

—

 

 

2,418

 

—

 

Marketable securities:

 

 

 

 

 

 

   Government agency

—

 

 

519,973

 

—

 

Total assets measured at fair value

$

104,787

 

$

522,391

 

$

—

 

 

 

December 31, 2023

 

 

Level 1

 

Level 2

 

Level 3

 

Money market fund (cash equivalent)

$

393,096

 

$

—

 

$

—

 

Money market fund (short-term restricted cash)

 

1,903

 

—

 

—

 

Certificate of deposit (long-term restricted cash)

—

 

 

2,418

 

—

 

Marketable securities:

 

 

 

 

 

 

   Commercial paper

—

 

 

26,737

 

—

 

   Corporate debt

—

 

 

5,982

 

—

 

   Government agency

—

 

 

301,884

 

—

 

Total assets measured at fair value

$

394,999

 

$

337,020

 

$

—

 

The Company did not transfer any assets measured at fair value on a recurring basis between levels during the years ended December 31, 2024 or 2023.