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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurements of Cash Equivalents, Available-For-Sale Investment Securities and Equity Securities | The recurring fair value measurements of the Company’s cash equivalents, available-for-sale investment securities, and equity securities at December 31, 2024 and 2023 consisted of the following (in thousands):
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
|  | December 31, 2024 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Money market fund |  | $ | 151,555 |  |  | $ | 151,555 |  |  | $ | — |  |  | $ | — |
U.S. Treasury notes |  |  | 245,903 |  |  |  | 245,903 |  |  |  | — |  |  |  | — |
Government sponsored enterprise securities |  |  | 190,501 |  |  |  | — |  |  |  | 190,501 |  |  |  | — |
Total |  | $ | 587,959 |  |  | $ | 397,458 |  |  | $ | 190,501 |  |  | $ | — |
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
|  | December 31, 2023 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Money market fund |  | $ | 64,586 |  |  | $ | 64,586 |  |  | $ | — |  |  | $ | — |
U.S. Treasury notes |  |  | 75,334 |  |  |  | 75,334 |  |  |  | — |  |  |  | — |
Government sponsored enterprise securities |  |  | 174,874 |  |  |  | — |  |  |  | 174,874 |  |  |  | — |
Total |  | $ | 314,794 |  |  | $ | 139,920 |  |  | $ | 174,874 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Cash awards |  | $ | 4,506 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,506 |
Total |  | $ | 4,506 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,506 |
Schedule of Changes in Estimated Fair Value of Contingent Cash Awards | Changes in estimated fair value of contingent cash awards during the twelve months ended December 31, 2024 are as follows (in thousands):
Balance as of December 31, 2023 |  | $ | 4,506 |
Vesting of awards |  |  | — |
Expense forfeited |  |  | (392 | )
Change in fair value |  |  | (4,114 | )
Balance as of December 31, 2024 |  | $ | — |

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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 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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