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Marketable Securities and Fair Value Measurements (Tables)

12 Months Ended

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

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

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Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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