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Fair Value Measurements and Investments | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurements and Investments | Fair Value Measurements and Investments The following tables present the Company’s fair value hierarchy for its assets that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair value:
|  | As of June 30, 2025:
(in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | — |  |  | $ | 40,748 |  |  | $ | — |  |  | $ | 40,748 |
Corporate debt securities |  | — |  |  | 6,776 |  |  | — |  |  | 6,776 |
U.S. Treasury and government securities |  | — |  |  | 5,216 |  |  | — |  |  | 5,216 |
Short-term investments: |  |  |  |  |  |  |  |
U.S. Treasury and government securities |  | — |  |  | 36,347 |  |  | — |  |  | 36,347 |
Corporate debt securities |  | — |  |  | 8,192 |  |  | — |  |  | 8,192 |
Related party short-term investment: |  |  |  |  |  |  |  |
Beam equity securities |  | 3,407 |  |  | — |  |  | — |  |  | 3,407 |
Total cash equivalents and investments |  | $ | 3,407 |  |  | $ | 97,279 |  |  | $ | — |  |  | $ | 100,686 |
|  | As of December 31, 2024:
(in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | — |  |  | $ | 178,212 |  |  | $ | — |  |  | $ | 178,212 |
Corporate debt securities |  | — |  |  | 3,793 |  |  | — |  |  | 3,793 |
Short-term investment: |  |  |  |  |  |  |  |
U.S. Treasury and government securities |  | — |  |  | 2,998 |  |  | — |  |  | 2,998 |
Related party short-term investment: |  |  |  |  |  |  |  |
Beam equity securities |  | 4,968 |  |  | — |  |  | — |  |  | 4,968 |
Total cash equivalents and investments |  | $ | 4,968 |  |  | $ | 185,003 |  |  | $ | — |  |  | $ | 189,971 |
The Company classifies its investments as short-term based on each instrument’s underlying contractual maturity date. The fair value of investments classified as Level 2 are valued using observable inputs to quoted market prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency. Investments in Debt Securities Unrealized gains and losses of investments in debt securities consisted of the following:
|  | As of June 30, 2025:
(in thousands) |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Short-term investments in debt securities: |  |  |  |  |  |  |  |
U.S. Treasury and government securities |  | $ | 36,355 |  |  | $ | — |  |  | $ | (8) |  |  | $ | 36,347 |
Corporate debt securities |  | 8,194 |  |  | — |  |  | (2) |  |  | 8,192 |
Total short-term investments in debt securities |  | $ | 44,549 |  |  | $ | — |  |  | $ | (10) |  |  | $ | 44,539 |
|  | As of December 31, 2024:
(in thousands) |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Short-term investments: |  |  |  |  |  |  |  |
U.S. Treasury and government securities |  | $ | 2,997 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 2,998 |
Total short-term investments in debt securities |  | $ | 2,997 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 2,998 |
The contractual maturities of the Company’s investments in debt securities were as follows:
(in thousands) |  | June 30, 2025 |  | December 31, 2024
Due within one year |  | $ | 44,539 |  |  | $ | 2,998 |
Marketable securities in unrealized loss positions consisted of the following:
|  | As of June 30, 2025:
(in thousands, except number of securities) |  | Number of Securities |  | Fair Value |  | Gross Unrealized Losses
Investments in continuous loss position for less than 12 months: |  |  |  |  |  |
U.S. Treasury and government securities |  | 12 |  |  | $ | 36,347 |  |  | $ | (8) |
Corporate debt securities |  | 9 |  |  | $ | 8,192 |  |  | $ | (2) |
Based on factors such as historical experience, market data, issuer-specific factors, and current economic conditions, the Company did not record an allowance for credit losses as of June 30, 2025 related to these investments. Further, given the lack of significant change in the credit risk, the Company does not consider these investments to be impaired.

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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/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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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