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Cash Equivalents and Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2025

Cash equivalents and Marketable Securities [Abstract]

Schedule of Cash Equivalents and Marketable Securities

Cash equivalents and marketable securities, which are classified as available-for-sale, consisted of the following as of March 31, 2025 and December 31, 2024 (in thousands):

		March 31, 2025
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Cash equivalents
Money market funds		$	11,129			$	—			$	—			$	11,129
U.S. government agency securities			1,997				—				—				1,997
Corporate debt securities			1,341				—				—				1,341
Commercial papers			64,903				—				(11	)			64,892
Total cash equivalents			79,370				—				(11	)			79,359
Marketable securities
Marketable securities, current
U.S. treasury securities			174,191				13				(13	)			174,191
U.S. government agency securities			8,766				—				(1	)			8,765
Commercial papers			30,234				—				(8	)			30,226
Corporate debt securities			52,347				5				(12	)			52,340
Total marketable securities, current			265,538				18				(34	)			265,522
Marketable securities, long-term
U.S. treasury securities			19,490				20				—				19,510
U.S. government agency securities			4,442				2				(1	)			4,443
Total marketable securities, long-term			23,932				22				(1	)			23,953
Total cash equivalents and marketable securities		$	368,840			$	40			$	(46	)		$	368,834

		December 31, 2024
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Cash equivalents
Money market funds		$	6,350			$	—			$	—			$	6,350
U.S. treasury securities			19,656				4				—				19,660
U.S. government agency securities			3,988				—				—				3,988
Commercial papers			22,180				—				(3	)			22,177
Total cash equivalents			52,174				4				(3	)			52,175
Marketable securities
Marketable securities, current
U.S. treasury securities			190,748				55				(11	)			190,792
U.S. government agency securities			12,967				1				(2	)			12,966
Commercial papers			34,808				3				—				34,811
Corporate debt securities			75,537				7				(40	)			75,504
Total marketable securities, current			314,060				66				(53	)			314,073
Marketable securities, long-term
U.S. treasury securities			13,639				—				(32	)			13,607
U.S. government agency securities			4,485				—				(23	)			4,462
Total marketable securities, long-term			18,124				—				(55	)			18,069
Total cash equivalents and marketable securities		$	384,358			$	70			$	(111	)		$	384,317

Schedule of Available-for-Sale Securities in an Unrealized Loss Position

The following table summarizes the available-for-sale securities in an unrealized loss position, aggregated by major security type and length of time in a continuous unrealized loss position, for which an allowance for credit losses was not recorded as of March 31, 2025 and December 31, 2024 (in thousands):

		March 31, 2025
		Less than 12 months								12 months or longer								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
Cash equivalents
Commercial papers		$	64,892			$	(11	)		$	—			$	—			$	64,892			$	(11	)
Marketable securities
Marketable securities, current
U.S. treasury securities			89,724				(13	)			—				—				89,724				(13	)
U.S. government agency securities			5,044				(1	)			—				—				5,044				(1	)
Commercial papers			24,248				(8	)			—				—				24,248				(8	)
Corporate debt securities			34,358				(12	)			—				—				34,358				(12	)
Marketable securities, long-term
U.S. government agency securities			1,538				(1	)			—				—				1,538				(1	)
Total		$	219,804			$	(46	)		$	—			$	—			$	219,804			$	(46	)

		December 31, 2024
		Less than 12 months								12 months or longer								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
Cash equivalents
Commercial papers		$	18,199			$	(3	)		$	—			$	—			$	18,199			$	(3	)
Marketable securities
Marketable securities, current
U.S. treasury securities			49,904				(11	)			—				—				49,904				(11	)
U.S. government agency securities			4,713				(2	)			—				—				4,713				(2	)
Corporate debt securities			39,468				(40	)			—				—				39,468				(40	)
Marketable securities, long-term
U.S. treasury securities			13,607				(32	)			—				—				13,607				(32	)
U.S. government agency securities			4,462				(23	)			—				—				4,462				(23	)
Total		$	130,353			$	(111	)		$	—			$	—			$	130,353			$	(111	)

Schedule of Marketable Securities at Estimated Fair Value

The following table summarizes the contractual maturities of the Company’s marketable securities at estimated fair value (in thousands):

		March 31, 2025				December 31, 2024
Due in one year or less		$	265,522			$	314,073
Due in 1-2 years			23,953				18,069
Total		$	289,475			$	332,142

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- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-4

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