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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Summary of Fair Value Hierarchy of Assets and Liabilities Measured on Recurring Basis | The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value (in thousands):
|  | Fair Value Measurements at |
|  | March 31, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  | 4,106 |  |  |  | — |  |  |  | — |  |  |  | 4,106 |
U.S. Treasury bills |  |  | — |  |  |  | 5,965 |  |  |  | — |  |  |  | 5,965 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bills |  |  | — |  |  |  | 40,204 |  |  |  | — |  |  |  | 40,204 |
Government securities |  |  | — |  |  |  | 97,812 |  |  |  | — |  |  |  | 97,812 |
Government agency securities |  |  | — |  |  |  | 89,762 |  |  |  | — |  |  |  | 89,762 |
|  | $ | 4,106 |  |  | $ | 233,743 |  |  | $ | — |  |  | $ | 237,849 |
|  | Fair Value Measurements at |
|  | December 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 9,432 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,432 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bills |  |  | — |  |  |  | 28,723 |  |  |  | — |  |  |  | 28,723 |
Government securities |  |  | — |  |  |  | 136,514 |  |  |  | — |  |  |  | 136,514 |
Government agency securities |  |  | — |  |  |  | 83,238 |  |  |  | — |  |  |  | 83,238 |
|  | $ | 9,432 |  |  | $ | 248,475 |  |  | $ | — |  |  | $ | 257,907 |
Schedule of Short-Term Investments | Short-term investments consisted of the following (in thousands):
|  | March 31, 2025 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bills |  | $ | 40,199 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 40,204 |
Government securities |  |  | 97,816 |  |  |  | — |  |  |  | (4 | ) |  |  | 97,812 |
Government agency securities |  |  | 89,858 |  |  |  | — |  |  |  | (96 | ) |  |  | 89,762 |
|  | $ | 227,873 |  |  | $ | 5 |  |  | $ | (100 | ) |  | $ | 227,778 |
|  | December 31, 2024 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bills |  | $ | 28,694 |  |  | $ | 30 |  |  | $ | — |  |  | $ | 28,724 |
Government securities |  |  | 136,829 |  |  |  | — |  |  |  | (316 | ) |  |  | 136,513 |
Government agency securities |  |  | 83,474 |  |  |  | — |  |  |  | (236 | ) |  |  | 83,238 |
|  | $ | 248,997 |  |  | $ | 30 |  |  | $ | (552 | ) |  | $ | 248,475 |
Summary of Contractual Maturities of Short-term Investments in Available-for-Sale Debt Securities | The contractual maturities of the Company’s short-term investments in available-for-sale debt securities held were as follows (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Due within one year |  | $ | 96,186 |  |  | $ | 117,761 |
Due between one and two years |  |  | 131,592 |  |  |  | 130,714 |
|  | $ | 227,778 |  |  | $ | 248,475 |
Series B Preferred Stock Tranche Right Liability |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Summary of Aggregate Fair Value Determined Using Level 3 Inputs | The following tables provide a roll-forward of the aggregate fair value of the Company’s Series B preferred stock tranche right liability during the three months ended March 31, 2024, for which fair value is determined using Level 3 inputs (in thousands):
|  | Series B Preferred Stock Tranche Right Liability |
Balance as of December 31, 2023 |  | $ | 4,200 |
Change in fair value of Series B preferred stock tranche right liability |  |  | 7,390 |
Settlement of Series B preferred stock tranche right liability upon waiver of milestone |  |  | (11,590 | )
Balance as of March 31, 2024 |  | $ | — |

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