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Marketable Securities and Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Available-for-sale 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 |
Schedule of Cost and Estimated Fair Values of Available-for-sale Securities by Contractual Maturity | 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 |
Schedule of gross unrealized losses | 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) |
Schedule of Cash, Cash Equivalents and Available-for-sale Investments Measured at Fair Value on Recurring Basis | 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 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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