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Fair Value Measurement
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
Carrying amounts of certain of the Company’s financial instruments, including cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities and market interest rates, if applicable. The carrying value of the Company’s long-term debt also approximates fair value based on management’s estimation that a current interest rate would not differ materially from the stated rate. There were no other financial assets and liabilities that require fair value hierarchy measurements and disclosures for the periods presented.
The table below summarizes the fair value of the Company’s marketable securities measured at fair value on a recurring basis based on the three-tier fair value hierarchy:
March 31, 2025
Level 1Level 2Level 3Total
(in thousands)
Marketable securities
Money market funds$34,515 $— $— $34,515 
U.S. treasury securities100,876 — — 100,876 
U.S. agency bonds— 2,351 — 2,351 
Total marketable securities$135,391 $2,351 $— $137,742 
December 31, 2024
Level 1Level 2Level 3Total
(in thousands)
Marketable securities
Money market funds
$27,326 $— $— $27,326 
U.S. treasury securities112,738 — — 112,738 
U.S. agency bonds— 2,356 — 2,356 
Total marketable securities$140,064 $2,356 $— $142,420