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Fair Value Measurement (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis |
|  |  | September 30, 2025 |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ |  | 8,937 |  |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 8,937 |
Money market funds |  |  |  | 19,477 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 19,477 |
Commercial paper |  |  |  | — |  |  |  |  | 78,470 |  |  |  |  | — |  |  |  |  | 78,470 |
Corporate bonds |  |  |  | — |  |  |  |  | 52,958 |  |  |  |  | — |  |  |  |  | 52,958 |
U.S. government treasury bills |  |  |  | 162,296 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 162,296 |
Government-sponsored enterprise securities |  |  |  | — |  |  |  |  | 6,933 |  |  |  |  | — |  |  |  |  | 6,933 |
Total |  | $ |  | 190,710 |  |  | $ |  | 138,361 |  |  | $ |  | — |  |  | $ |  | 329,071 |
|  |  | December 31, 2024 |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ |  | 6,489 |  |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 6,489 |
Money market funds |  |  |  | 118,955 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 118,955 |
Commercial paper |  |  |  | — |  |  |  |  | 109,432 |  |  |  |  | — |  |  |  |  | 109,432 |
Corporate bonds |  |  |  | — |  |  |  |  | 43,409 |  |  |  |  |  |  |  |  | 43,409 |
U.S. government treasury bills |  |  |  | 144,741 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 144,741 |
Government-sponsored enterprise securities |  |  |  | — |  |  |  |  | 11,714 |  |  |  |  | — |  |  |  |  | 11,714 |
Total |  | $ |  | 270,185 |  |  | $ |  | 164,555 |  |  | $ |  | — |  |  | $ |  | 434,740 |
Schedule of Financial Assets Reconciliation |
|  | September 30, 2025 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
(in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ |  | 35,370 |  |  | $ |  | 1 |  |  | $ |  | — |  |  | $ |  | 35,371 |
Short-term marketable securities (<12 months to maturity) |  |  |  | 238,328 |  |  |  |  | 290 |  |  |  |  | (10 | ) |  |  |  | 238,608 |
Long-term marketable securities (>12 months to maturity) |  |  |  | 54,847 |  |  |  |  | 247 |  |  |  |  | (2 | ) |  |  |  | 55,092 |
Total |  | $ |  | 328,545 |  |  | $ |  | 538 |  |  | $ |  | (12 | ) |  | $ |  | 329,071 |
|  | December 31, 2024 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
(in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ |  | 142,706 |  |  | $ |  | 4 |  |  | $ |  | — |  |  | $ |  | 142,710 |
Short-term marketable securities (<12 months to maturity) |  |  |  | 219,062 |  |  |  |  | 185 |  |  |  |  | (57 | ) |  |  |  | 219,190 |
Long-term marketable securities (>12 months to maturity) |  |  |  | 72,829 |  |  |  |  | 53 |  |  |  |  | (42 | ) |  |  |  | 72,840 |
Total |  | $ |  | 434,597 |  |  | $ |  | 242 |  |  | $ |  | (99 | ) |  | $ |  | 434,740 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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