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Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Company’s Financial Instruments by Significant Investment Category Measured at Fair Value on a Recurring Basis Within the Fair Value Hierarchy

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy as of June 30, 2025 (in thousands):

 

 

 

 

 

 

Fair Value Measurements At Reporting Date Using

 

 

 

Total

 

 

Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs (Level 2)

 

 

Significant
Unobservable
Inputs (Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents—money market funds

 

$

133,278

 

 

$

133,278

 

 

$

—

 

 

$

—

 

Short-term investments—U.S. treasury securities

 

 

78,468

 

 

 

—

 

 

 

78,468

 

 

 

—

 

Total assets measured at fair value

 

$

211,746

 

 

$

133,278

 

 

$

78,468

 

 

$

—

 

 

 

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2024 (in thousands):

 

 

 

 

 

 

Fair Value Measurements At Reporting Date Using

 

 

 

Total

 

 

Quoted Prices
in Active
Markets For
Identical Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs (Level 2)

 

 

Significant
Unobservable
Inputs (Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents—money market funds

 

$

141,942

 

 

$

141,942

 

 

$

—

 

 

$

—

 

Cash equivalents—U.S. treasury securities

 

 

2,990

 

 

 

—

 

 

 

2,990

 

 

 

—

 

Short-term investments—U.S. treasury securities

 

 

126,146

 

 

 

—

 

 

 

126,146

 

 

 

—

 

Total assets measured at fair value

 

$

271,078

 

 

$

141,942

 

 

$

129,136

 

 

$

—

 
Schedule of Available-for-Sale Securities Reconciliation

The following table summarizes available-for-sale securities (in thousands):

 

 

 

 

 

 

 

 

As of June 30, 2025

 

 

 

Maturity (in years)

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents—money market funds

 

 

 

$

133,278

 

 

$

—

 

 

$

—

 

 

$

133,278

 

Cash equivalents—U.S. treasury securities

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Short-term investments—U.S. treasury securities

 

1 or less

 

 

78,475

 

 

 

3

 

 

 

(10

)

 

 

78,468

 

Total available-for-sale securities

 

 

 

$

211,753

 

 

$

3

 

 

$

(10

)

 

$

211,746

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

Maturity (in years)

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents—money market funds

 

 

 

$

141,942

 

 

$

—

 

 

$

—

 

 

$

141,942

 

Cash equivalents—U.S. treasury securities

 

 

 

 

2,989

 

 

 

1

 

 

 

—

 

 

 

2,990

 

Short-term investments—U.S. treasury securities

 

1 or less

 

 

125,975

 

 

 

171

 

 

 

—

 

 

 

126,146

 

Total available-for-sale securities

 

 

 

$

270,906

 

 

$

172

 

 

$

—

 

 

$

271,078