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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value

The following tables summarize the Company’s available-for-sale marketable securities’ amortized cost, gross unrealized gains, gross unrealized losses, and fair value

by significant investment category reported as cash equivalents or marketable securities as of June 30, 2025 and December 31, 2024:

(In thousands) June 30, 2025						Amortized Cost						Unrealized Gain						Unrealized Loss						Fair Value						Cash Equivalents						Marketable Securities
Level I
Money market funds						$	133,456					$	—					$	—					$	133,456					$	133,456					$	—
Treasury bills						189,545						17						(7)						189,555						23,950						165,605
U.S. government securities						41,365						75						(1)						41,439						—						41,439
Total Level I						364,366						92						(8)						364,450						157,406						207,044
Level II
Corporate bonds						131,165						548						(38)						131,675						—						131,675
Asset-backed securities						64						—						—						64						—						64
Foreign government and agency securities						4,716						17						(7)						4,726						—						4,726
Total Level II						135,945						565						(45)						136,465						—						136,465
Total						$	500,311					$	657					$	(53)					$	500,915					$	157,406					$	343,509

(In thousands) December 31, 2024						Amortized Cost						Unrealized Gain						Unrealized Loss						Fair Value						Cash Equivalents						Marketable Securities
Level I
Money market funds						$	193,481					$	—					$	—					$	193,481					$	193,481					$	—
Treasury bills						131,022						40						—						131,062						—						131,062
U.S. government securities						32,625						22						(33)						32,614						—						32,614
Total Level I						357,128						62						(33)						357,157						193,481						163,676
Level II
Commercial paper						16,233						—						—						16,233						—						16,233
Corporate bonds						126,395						431						(144)						126,682						—						126,682
Commercial deposits						4,121						—						—						4,121						—						4,121
Asset-backed securities						592						2						—						594						—						594
Foreign government and agency securities						5,036						14						(12)						5,038						—						5,038
Total Level II						152,377						447						(156)						152,668						—						152,668
Total						$	509,505					$	509					$	(189)					$	509,825					$	193,481					$	316,344

Schedule of Investments Classified by Contractual Maturity Date

The following table summarizes the remaining contractual maturities of our cash equivalents and marketable securities as of June 30, 2025:

(In thousands)						Amortized Cost						Fair Value
Due within one year						$	328,870					$	328,878
Due after one year through five years						171,441						172,037
Total						$	500,311					$	500,915

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- References

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- Definition

Tabular disclosure of liabilities, 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ 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

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- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

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