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Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair value measurements

3. Fair value measurements

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):

 

 

 

Fair value measurements as of March 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

270,159

 

 

$

—

 

 

$

—

 

 

$

270,159

 

Total

 

$

270,159

 

 

$

—

 

 

$

—

 

 

$

270,159

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable Securities:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

—

 

 

$

24,446

 

 

$

—

 

 

$

24,446

 

Commercial paper

 

 

—

 

 

 

14,775

 

 

 

—

 

 

 

14,775

 

US Government debt securities

 

 

—

 

 

 

66,275

 

 

 

—

 

 

 

66,275

 

Total

 

$

—

 

 

$

105,496

 

 

$

—

 

 

$

105,496

 

 

 

 

Fair value measurements as of December 31, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

122,446

 

 

$

—

 

 

$

—

 

 

$

122,446

 

Total

 

$

122,446

 

 

$

—

 

 

$

—

 

 

$

122,446

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable Securities:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

—

 

 

$

18,668

 

 

$

—

 

 

$

18,668

 

Commercial paper

 

 

—

 

 

 

6,944

 

 

 

—

 

 

 

6,944

 

US Government debt securities

 

 

—

 

 

 

93,128

 

 

 

—

 

 

 

93,128

 

Total

 

$

—

 

 

$

118,740

 

 

$

—

 

 

$

118,740

 

The Company’s cash equivalents and marketable securities are carried at fair value, determined according to the fair value hierarchy. The carrying value of the Company’s accounts payable and accrued expenses approximate their fair values due to the short-term nature of these liabilities.

The Company’s assets with fair value categorized as Level 1 within the fair value hierarchy include money market funds. Money market funds are publicly traded mutual funds and are presented as cash equivalents on the consolidated balance sheets as of March 31, 2025 and December 31, 2024.

The Company measures its marketable securities at fair value on a recurring basis and classifies those instruments within Level 2 of the fair value hierarchy. Marketable securities are valued using models or other valuation methodologies that use Level 2 inputs. These models are primarily industry-standard models that consider various assumptions, including time value, yield curve, volatility factors, default rates, current market and contractual prices for the underlying financial instruments, as well as other economic measures. Substantially all of these assumptions are observable in the marketplace, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace.

There were no transfers to Level 3 in the periods presented.