Cash, Cash Equivalents, and Marketable Securities

12 Months Ended

Dec. 31, 2024

Cash Equivalents And Marketable Securities [Abstract]

Cash, Cash Equivalents, and Marketable Securities

4. CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

The Company’s cash equivalents and marketable securities are classified within the fair value hierarchy as defined by authoritative guidance. Level 1 securities consist of highly liquid money market funds for which the carrying amount approximates the fair value of identical assets as quoted in the active markets. Level 2 securities, consisting of U.S. Treasuries, U.S. agency securities and corporate debt securities, are measured based on other observable inputs, including broker or dealer quotations or other valuations using observable market data. The Company’s debt securities are accounted for as available-for-sale securities.

Unrealized gains and losses are reported as a component of other comprehensive income (loss). Fair value of the debt securities was $552.8 million and $115.0 million as of December 31, 2024 and December 31, 2023, respectively.

The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	December 31, 2024
	Fair Value Hierarchy Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value		Cash and Cash Equivalents		Marketable Securities

Money market funds	Level 1	$	85,135	$	—	$	—		$	85,135	$	85,135	$	—
U.S. Government bonds	Level 2		322,960		389		(16	)		323,333		—		323,333
U.S. Government agency securities	Level 2		999		1		—			1,000		—		1,000
Corporate debt securities	Level 2		228,446		182		(163	)		228,465		4,592		223,873
Total cash equivalents and marketable securities			637,540		572		(179	)		637,933		89,727		548,206
Cash			2,919		—		—			2,919		2,919		—
Total		$	640,459	$	572	$	(179	)	$	640,852	$	92,646	$	548,206

	December 31, 2023
	Fair Value Hierarchy Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value		Cash and Cash Equivalents		Marketable Securities

Money market funds	Level 1	$	44,650	$	—	$	—		$	44,650	$	44,650	$	—
U.S. Government bonds	Level 2		63,619		70		(6	)		63,683		—		63,683
U.S. Government agency securities	Level 2		19,665		7		(14	)		19,658		—		19,658
Corporate debt securities	Level 2		31,500		194		—			31,694		—		31,694
Total cash equivalents and marketable securities			159,434		271		(20	)		159,685		44,650		115,035
Cash			1,031		—		—			1,031		1,031		—
Total		$	160,465	$	271	$	(20	)	$	160,716	$	45,681	$	115,035

Marketable debt securities that had been in unrealized loss positions as of December 31, 2024 and 2023 were in an unrealized loss position for less than 12 months. Unrealized losses from marketable debt securities are primarily attributable to changes in interest rates. Management does not believe any remaining unrealized losses represent impairments based on evaluation of available evidence.

The following table classifies the estimated fair value of investments in available-for-sale marketable debt securities by effective contractual maturity dates (in thousands):


	December 31, 2024
Due within one year	$	376,468
Due after one year to two years		171,738
Total marketable securities	$	548,206