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Fair Value Measurement | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurement | 3. Fair Value Measurement The Company assesses the fair value of financial instruments based on the provisions of ASC 820, Fair Value Measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: • Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. • Level 2 — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.
|  |  | 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 |
|  | 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 |
The Company considers its marketable securities with maturities beyond one year as current assets, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company considers its investment portfolio of marketable securities to be available-for-sale. The Company periodically reviews its available-for-sale marketable securities for other-than-temporary impairment. The Company considers factors such as the duration, severity and the reason for the decline in value, the potential recovery period and its intent to sell. For debt securities, the Company also considers whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis, and (ii) the amortized cost basis cannot be recovered as a result of credit losses. There were no marketable securities that had been in a consecutive loss position for more than 12 months as of September 30, 2025. During the three and nine months ended September 30, 2025, the Company did not recognize any other-than-temporary impairment loss. As of September 30, 2025, there was no allowance for losses on available-for-sale debt securities attributable to credit risk. As of September 30, 2025, all of the Company’s cash and cash equivalents primarily consisted of cash on deposit with U.S. banks denominated in U.S. dollars and Australian dollars, and investments in interest-bearing money market funds.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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