Marketable Securities and Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Available-for-Sale Marketable Securities and Fair Value Measurements [Abstract]

Marketable Securities and Fair Value Measurements

6. Marketable Securities and Fair Value Measurements

The Company records marketable securities and cash equivalents at their estimated fair values, which are based on market prices from a variety of industry standard data providers and generally represent quoted prices for similar assets in active markets or have been derived from observable market data.

The fair value measurements of the Company’s cash equivalents and marketable securities are identified at the following levels within the fair value hierarchy (in thousands):


	As of December 31, 2024
			Fair Value Measurement
	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	141,779	$	141,779	$	—	$	—
Commercial paper		82,527		—		82,527		—
U.S. government agency securities		8,059		—		8,059		—
Marketable securities, current:
U.S. treasury securities		73,555		—		73,555		—
Commercial paper		23,487		—		23,487		—
U.S. government agency securities		14,193		—		14,193		—
Corporate debt securities		1,492		—		1,492		—
Marketable securities, non-current:
U.S. treasury securities		65,406		—		65,406		—
U.S. government agency securities		2,514		—		2,514		—
Corporate debt securities		1,946		—		1,946		—
Total measured at fair value	$	414,958	$	141,779	$	273,179	$	—


	As of December 31, 2023
			Fair Value Measurement
	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	86,574	$	86,574	$	—	$	—
Total measured at fair value	$	86,574	$	86,574	$	—	$	—

Marketable Securities

As of December 31, 2024, the Company’s marketable securities consist of debt securities, including U.S. treasury and agency securities, corporate debt securities and commercial paper. These marketable securities are carried at fair value and are included in the tables above. The Company records an allowance for credit losses when unrealized losses are due to credit-related factors. At each reporting date, the Company evaluates securities with unrealized losses to determine whether such losses, if any, are due to credit-related factors. The Company evaluates, among others, whether the Company has the intention to sell any of these marketable securities and whether it is not more likely than not that the Company will be required to sell any of them before recovery of the amortized cost basis. Neither of these criteria were met at December 31, 2024. The credit ratings of the securities held remain of the highest quality. Moreover, the Company continues to receive payments of interest and principal as they become due, and the Company's expectation is that those payments will continue to be received timely. Based on this evaluation, as of December 31, 2024, the Company determined that unrealized losses of its marketable securities were primarily attributable to changes in interest rates and non-credit related factors. As such, no allowances for credit losses were recorded at December 31, 2024. The Company did not hold marketable securities at December 31, 2023.

Interest receivable as of December 31, 2024 was $1.0 million and is recorded as a component of prepaid expenses and other current assets on the Company’s balance sheets. The Company did not have interest receivable at December 31, 2023.

As of December 31, 2024, all marketable securities in an unrealized loss position had been in an unrealized loss position for less than 12 months. As of December 31, 2024, the Company held 36 marketable securities which have been in an unrealized loss position for a period of less than 12 months.

As of December 31, 2024, the following table summarizes the amortized cost and the unrealized gains (losses) of the marketable securities presented within marketable securities, marketable securities, non-current and cash equivalents (in thousands):


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Estimated Fair Value
Commercial paper	Less than 1	$	106,017	$	6	$	(9	)	$	106,014
U.S. treasury securities	Less than 1		73,511		44		—			73,555
U.S. government agency securities	Less than 1		22,245		10		(3	)		22,252
Corporate securities	Less than 1		1,491		1		—			1,492
Total maturity less than 1 year			203,264		61		(12	)		203,313
U.S. treasury securities	1 to 5		65,427		37		(58	)		65,406
U.S. government agency securities	1 to 5		2,492		22		—			2,514
Corporate securities	1 to 5		1,940		7		(1	)		1,946
Total		$	273,123	$	127	$	(71	)	$	273,179

As of December 31, 2024, the following table summarizes marketable securities in an unrealized loss position (in thousands):


	Less than 12 Months
	Fair Value		Gross Unrealized Loss
Corporate securities	$	987	$	(1	)
Commercial paper		70,172		(9	)
U.S. government agency securities		6,469		(3	)
U.S. treasury securities		52,508		(58	)
Total	$	130,136	$	(71	)