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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements
(3)
Fair Value Measurements

 

The following table summarizes, for financial assets measured at fair value, the respective fair value and classification by level of input within the fair value hierarchy (in thousands):

 

 

 

 

 

As of December 31, 2024

 

 

 

 

Amortized Cost

 

 

 

Gross Unrealized Gains

 

 

 

Gross Unrealized Losses

 

 

 

Estimated Fair Value

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Money market funds

 

$

 

137,374

 

 

$

 

—

 

 

$

 

—

 

 

$

 

137,374

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     U.S. governmental and agency securities

 

 

 

12,826

 

 

 

 

—

 

 

 

 

—

 

 

 

 

12,826

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     U.S. governmental and agency securities

 

 

 

126,655

 

 

 

 

6

 

 

 

 

—

 

 

 

 

126,661

 

Total

 

$

 

276,855

 

 

$

 

6

 

 

$

 

—

 

 

$

 

276,861

 

 

 

 

 

As of December 31, 2023

 

 

 

 

Amortized Cost

 

 

 

Gross Unrealized Gains

 

 

 

Gross Unrealized Losses

 

 

 

Estimated Fair Value

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Money market funds

 

$

 

211,741

 

 

$

 

—

 

 

$

 

—

 

 

$

 

211,741

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     U.S. governmental and agency securities

 

 

 

74,090

 

 

 

 

—

 

 

 

 

(181

)

 

 

 

73,909

 

Total

 

$

 

285,831

 

 

$

 

—

 

 

$

 

(181

)

 

$

 

285,650

 

 

 

(1)
Included in “Cash and cash equivalents” in the Company's consolidated balance sheets as of December 31, 2024 and 2023, in addition to cash of $21.5 million and $36.8 million, respectively.

The Company uses quoted prices in active markets for identical assets to determine the fair value of the Company's Level 1 investments. The fair value of the Company's Level 2 investments is determined using pricing based on quoted market prices or alternative market observable inputs.

The fair value of the Company's available-for-sale securities as of December 31, 2024, by remaining contractual maturities, was as follows (in thousands):

 

 

 

 

 

 

 

As of December 31, 2024

 

Due in one year or less

 

 

 

 

 

$

69,419

 

Due in greater than one year

 

 

 

 

 

 

57,242

 

Total

 

 

 

 

 

$

126,661

 

 

The Company periodically evaluates its investments for expected credit losses. The unrealized losses on the available-for-sale securities were primarily due to unfavorable changes in interest rates subsequent to the initial purchase of these securities. None of the Company's available-for-sale securities have been in a continuous unrealized loss position for twelve months or longer as of December 31, 2024. The Company expects to recover the full carrying value of its available-for-sale securities in an unrealized loss position as it does not intend or anticipate a need to sell these securities prior to recovering the associated unrealized losses. The Company also expects any credit losses would be immaterial based on the high-grade credit rating for each of such available-for-sale securities. As a result, the Company does not consider any portion of the unrealized losses as of December 31, 2024 and 2023 to represent a credit loss.