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Marketable Securities and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

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

Schedule of Fair Value Measurements on Cash Equivalents and Marketable Securities

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			$	—			$	—

Summary of Marketable Securities by Major Type of Security

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

Schedule of Unrealized Loss Positions of Marketable Securities

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	)