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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024 that were measured at fair value on a recurring basis (in thousands):

 

 

 

March 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

31,510

 

 

$

 

 

$

 

 

$

31,510

 

U.S. government treasury securities

 

 

 

 

 

161,205

 

 

 

 

 

 

161,205

 

Corporate bonds

 

 

 

 

 

20,928

 

 

 

 

 

 

20,928

 

Total financial assets

 

$

31,510

 

 

$

182,133

 

 

$

 

 

$

213,643

 

 

 

 

 

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