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Marketable Securities and Fair Value Measurements | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Marketable Securities and Fair Value Measurements | Marketable Securities and Fair Value Measurements Marketable Securities Marketable securities, classified as available-for-sale, consisted of the following (in thousands):
|  | As of December 31, 2024 |  | As of December 31, 2023
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Corporate securities |  | $ | 52,311 |  |  | $ | 102 |  |  | $ | (12) |  |  | $ | 52,401 |  |  | $ | 15,393 |  |  | $ | 2 |  |  | $ | (2) |  |  | $ | 15,393 |
U.S. Treasury and agency securities |  | 47,865 |  |  | 163 |  |  | — |  |  | 48,028 |  |  | 39,963 |  |  | 6 |  |  | (32) |  |  | 39,937 |
Commercial paper |  | — |  |  | — |  |  | — |  |  | — |  |  | 998 |  |  | — |  |  | — |  |  | 998 |
Debt securities |  | $ | 100,176 |  |  | $ | 265 |  |  | $ | (12) |  |  | 100,429 |  |  | $ | 56,354 |  |  | $ | 8 |  |  | $ | (34) |  |  | 56,328 |
Publicly held equity securities |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 5,728 |
Total marketable securities |  |  |  |  |  |  |  | $ | 100,429 |  |  |  |  |  |  |  |  | $ | 62,056 |
During the years ended December 31, 2024 and 2023, the Company did not reclassify any amount to earnings from accumulated other comprehensive income (loss) related to unrealized gains or losses. During the year ended December 31, 2023, the Company sold certain debt securities at a loss and realized a $0.3 million loss. The Company anticipates that it will recover the entire amortized cost basis of its available-for-sale marketable securities and has determined that no allowance for credit losses was required to be recognized during the years ended December 31, 2024 and 2023. The following table summarizes the cost and estimated fair value of debt securities based on stated effective maturities as of December 31, 2024 (in thousands):
| Amortized Cost |  | Fair Value
Less than 1 year | $ | 81,548 |  |  | $ | 81,682 |
Mature in 1 - 3 years | 18,628 |  |  | 18,747 |
Total | $ | 100,176 |  |  | $ | 100,429 |
All available-for-sale securities are classified as current because they are available for use in current operations. Marketable securities in an unrealized loss position consisted of the following (in thousands):
| Less Than 12 Months |  | 12 Months or More |  | Total
As of December 31, 2024 | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Corporate securities | $ | 12,516 |  |  | $ | (12) |  |  | $ | — |  |  | $ | — |  |  | $ | 12,516 |  |  | $ | (12) |
Total | $ | 12,516 |  |  | $ | (12) |  |  | $ | — |  |  | $ | — |  |  | $ | 12,516 |  |  | $ | (12) |
| Less Than 12 Months |  | 12 Months or More |  | Total
As of December 31, 2023 | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Corporate securities | $ | 9,418 |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | 9,418 |  |  | $ | (2) |
U.S. Treasury and agency securities | 24,304 |  |  | (32) |  |  | — |  |  | — |  |  | 24,304 |  |  | (32) |
Total | $ | 33,722 |  |  | $ | (34) |  |  | $ | — |  |  | $ | — |  |  | $ | 33,722 |  |  | $ | (34) |
Based on evaluation of securities that have been in a continuous loss position, the Company determined all gross unrealized losses on its marketable securities as of December 31, 2024 were temporary in nature and related primarily to interest rate shifts rather than changes in the underlying credit quality of the securities in a loss position. The Company has the ability to hold these investments until maturity, or for at least the foreseeable future. As such, the Company determined that as of December 31, 2024, there were no credit losses on any securities within its portfolio of marketable securities. Fair Value Measurements The following is a summary of the Company’s cash, cash equivalents and marketable securities. The Company records cash and cash equivalents at cost, which approximates fair value. Marketable securities are measured at fair value on a recurring basis (in thousands):
|  | As of December 31, 2024 |  | As of December 31, 2023
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash |  | $ | 89,195 |  |  | $ | — |  |  | $ | — |  |  | $ | 89,195 |  |  | $ | 52,451 |  |  | $ | — |  |  | $ | — |  |  | $ | 52,451 |
Cash equivalents |  | 5,934 |  |  | — |  |  | — |  |  | 5,934 |  |  | 44,793 |  |  | — |  |  | — |  |  | 44,793 |
Corporate securities |  | — |  |  | 52,401 |  |  | — |  |  | 52,401 |  |  | — |  |  | 15,393 |  |  | — |  |  | 15,393 |
U.S. Treasury and agency securities |  | 38,025 |  |  | 10,003 |  |  | — |  |  | 48,028 |  |  | 12,701 |  |  | 27,236 |  |  | — |  |  | 39,937 |
Commercial paper |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 998 |  |  | — |  |  | 998 |
|  | $ | 133,154 |  |  | $ | 62,404 |  |  | $ | — |  |  | 195,558 |  |  | $ | 109,945 |  |  | $ | 43,627 |  |  | $ | — |  |  | 153,572 |
Publicly held equity securities - Level 1 |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 5,728 |
Total |  |  |  |  |  |  |  | $ | 195,558 |  |  |  |  |  |  |  |  | $ | 159,300 |
There were no transfers between Level 1 and Level 2 fair value measurement categories during the years ended December 31, 2024 and 2023.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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