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Fair Value Measurement
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
Assets measured at fair value on a recurring basis consist of the following as of December 31, 2023 (in thousands):
  Fair Value Measurements at Reporting Date Using
 December 31,
2023		Quoted Prices in
Active Markets
for Identical
Assets/Liabilities
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets:    
Money market funds$92,231 $92,231 $— $— 
U.S. treasury bills5,000 5,000 — — 
Available-for-sale securities:
Tax-exempt municipal securities9,913 — 9,913 — 
Corporate debt securities3,123 — 3,123 — 
Total assets at fair value on a recurring basis$110,267 $97,231 $13,036 $— 
Assets measured at fair value on a recurring basis consist of the following as of December 31, 2024 (in thousands):
  Fair Value Measurements at Reporting Date Using
 December 31,
2024		Quoted Prices in
Active Markets
for Identical
Assets/Liabilities
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets:    
Money market funds$92,416 $92,416 $— $— 
Available-for-sale securities:
Corporate debt securities499 —499 — 
Total assets at fair value on a recurring basis$92,915 $92,416 $499 $— 
The Company measures the above items on a recurring basis at fair value as follows:
•Money market funds and U.S. treasury bills — Classified in Level 1 is excess cash the Company holds in money market funds and U.S. treasury bills with original maturities of three months or less, which are included in cash and cash equivalents in the accompanying consolidated balance sheets. The Company’s cash and cash equivalents at December 31, 2023 and 2024 approximate fair value and are not disclosed in the above tables because of the short-term nature of the financial instruments.
•Available-for-sale securities – Classified in Level 2 and valued using readily available pricing sources for comparable instruments utilizing observable inputs from active markets. The Company does not hold securities in inactive markets. The Company records any net unrealized gains and losses for changes in fair value as a component of accumulated other comprehensive income (loss) in stockholders’ equity.
The Company’s held-to-maturity marketable securities, which consist of term deposits, U.S. treasury securities, and corporate debt securities, are not included in the tables above as they are carried at amortized cost and not measured at fair value on a recurring basis. The estimated fair value of the Company’s held-to-maturity marketable securities at December 31, 2023 and 2024 was $27.2 million and $61.4 million, respectively. These securities are valued using readily available pricing sources for comparable instruments utilizing observable inputs from active markets and are classified in Level 2 of the fair value hierarchy.
The Company did not change its valuation techniques associated with recurring fair value measurements from prior periods and did not transfer assets or liabilities between levels of the fair value hierarchy during the years ended December 31, 2023 or 2024.