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Cash, Cash Equivalents, and Financial Instruments | 3 Months Ended
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Mar. 31, 2025
Cash and Cash Equivalents [Abstract] |
Cash, Cash Equivalents, and Financial Instruments | Cash, Cash Equivalents, and Financial Instruments The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of March 31, 2025 and December 31, 2024:
|  | As of March 31, 2025
|  | Adjusted Cost |  |  |  | Total Unrealized Gains |  |  |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable Securities
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 126,787 |  |  |  |  | $ | — |  |  |  |  | $ | 126,787 |  |  | $ | 126,787 |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | 125,354 |  |  |  |  | — |  |  |  |  | 125,354 |  |  | 125,354 |  |  | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | 104,013 |  |  |  |  | 514 |  |  |  |  | 104,527 |  |  | — |  |  | 104,527 |
Total |  | $ | 356,154 |  |  |  |  | $ | 514 |  |  |  |  | $ | 356,668 |  |  | $ | 252,141 |  |  | $ | 104,527 |
|  | As of December 31, 2024
|  | Adjusted Cost |  |  |  | Total Unrealized Gains |  |  |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable Securities
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 161,248 |  |  |  |  | $ | — |  |  |  |  | $ | 161,248 |  |  | $ | 161,248 |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | 70,892 |  |  |  |  | — |  |  |  |  | 70,892 |  |  | 70,892 |  |  | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | 104,413 |  |  |  |  | 361 |  |  |  |  | 104,774 |  |  | — |  |  | 104,774 |
Total |  | $ | 336,553 |  |  |  |  | $ | 361 |  |  |  |  | $ | 336,914 |  |  | $ | 232,140 |  |  | $ | 104,774 |
Marketable securities held as of March 31, 2025 generally mature over the next 24 months. As of March 31, 2025 and December 31, 2024 all securities were in an unrealized gain position. The Company determined that an allowance for credit losses was unnecessary for the periods presented.

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- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent + Details
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