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Cash, Cash Equivalents, and Financial Instruments

3 Months Ended

Mar. 31, 2025

Cash and Cash Equivalents [Abstract]

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.