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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 4. Fair Value Measurements As of September 30, 2025 and December 31, 2024, we had cash equivalents and short-term investments measured at fair value on a recurring basis. Available-for-sale securities consist of money market funds and U.S. Treasury securities, which are measured at fair value using Level 1 inputs, and U.S. Agency bonds which are measured at fair value using Level 2 inputs. We determine the fair value of Level 2 related securities with the aid of valuations provided by third parties using proprietary valuation models and analytical tools. These valuation models and analytical tools use market pricing or prices for similar instruments that are both objective and publicly available, including matrix pricing or reported trades, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids and/or offers. We validate the fair values of Level 2 financial instruments by comparing these fair values to a third-party pricing source. The following tables summarize, by major security type, our cash equivalents and short-term investments that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy, in thousands:
| September 30, 2025 |
| Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 39,180 |  |  | $ | 39,180 |  |  | $ | — |  |  | $ | — |
U.S. Treasury securities |  | 7,460 |  |  |  | 7,460 |  |  |  | — |  |  |  | — |
Total cash equivalents |  | 46,640 |  |  |  | 46,640 |  |  |  | — |  |  |  | — |
Short-term investments |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | 421,874 |  |  |  | 421,874 |  |  |  | — |  |  |  | — |
U.S. Agency bonds |  | 32,504 |  |  | — |  |  |  | 32,504 |  |  |  | — |
Total short-term investments |  | 454,378 |  |  |  | 421,874 |  |  |  | 32,504 |  |  |  | — |
Total | $ | 501,018 |  |  | $ | 468,514 |  |  | $ | 32,504 |  |  | $ | — |
| December 31, 2024 |
| Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 200,024 |  |  | $ | 200,024 |  |  | $ | — |  |  | $ | — |
Short-term investments |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | 497,938 |  |  |  | 497,938 |  |  |  | — |  |  |  | — |
U.S. Agency bonds |  | 4,995 |  |  | — |  |  |  | 4,995 |  |  |  | — |
Total short-term investments |  | 502,933 |  |  |  | 497,938 |  |  |  | 4,995 |  |  |  | — |
Total | $ | 702,957 |  |  | $ | 697,962 |  |  | $ | 4,995 |  |  | $ | — |
We believe that our term loan facility bears interest at a rate that approximates prevailing market rates for instruments with similar characteristics and, accordingly, the carrying value of the term loan facility approximates fair value. The fair value of our term loan facility is determined using Level 2 inputs in the fair value hierarchy.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent + Details
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