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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables set forth the fair values of financial assets as of December 31, 2024 and 2023 that were measured at fair value on a recurring basis (in thousands):

 

 

 

December 31, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

35,790

 

 

$

 

 

$

 

 

$

35,790

 

Commercial paper

 

 

 

 

 

2,479

 

 

 

 

 

 

2,479

 

U.S. government treasury securities

 

 

 

 

 

187,181

 

 

 

 

 

 

187,181

 

Corporate bonds

 

 

 

 

 

18,374

 

 

 

 

 

 

18,374

 

Total financial assets

 

$

35,790

 

 

$

208,034

 

 

$

 

 

$

243,824

 

 

 

 

December 31, 2023

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

45,123

 

 

$

 

 

$

 

 

$

45,123

 

Commercial paper

 

 

 

 

 

10,630

 

 

 

 

 

 

10,630

 

U.S. government treasury and agency securities

 

 

 

 

 

264,426

 

 

 

 

 

 

264,426

 

Corporate bonds

 

 

 

 

 

6,281

 

 

 

 

 

 

6,281

 

Total financial assets

 

$

45,123

 

 

$

281,337

 

 

$

 

 

$

326,460