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Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

7. Fair Value of Financial Instruments

Fair Value of Financial Instruments

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 September 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

 

$

101,574

 

 

$

101,574

 

 

$

—

 

 

$

—

 

Short-term investments—U.S. treasury securities

 

 

65,485

 

 

 

—

 

 

 

65,485

 

 

 

—

 

Long-term investments—U.S. treasury securities

 

 

19,485

 

 

 

—

 

 

 

19,485

 

 

 

—

 

Total assets measured at fair value

 

$

186,544

 

 

$

101,574

 

 

$

84,970

 

 

$

—

 

 

 

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

 

 

$

—

 

 

There were no transfers within the hierarchy and no changes in the valuation techniques used during the nine months ended September 30, 2025.

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

 

 

 

 

 

 

 

 

As of September 30, 2025

 

 

 

Maturity (in years)

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents—money market funds

 

 

 

$

101,574

 

 

$

—

 

 

$

—

 

 

$

101,574

 

Cash equivalents—U.S. treasury securities

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Short-term investments—U.S. treasury securities

 

1 or less

 

 

65,416

 

 

 

69

 

 

 

—

 

 

 

65,485

 

Long-term investments—U.S. treasury securities

 

1 - 2

 

 

19,483

 

 

 

12

 

 

 

(10

)

 

 

19,485

 

Total available-for-sale securities

 

 

 

$

186,473

 

 

$

81

 

 

$

(10

)

 

$

186,544

 

 

 

 

 

 

 

 

 

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

 

 

As of September 30, 2025, none of the available-for-sale securities held have been in an unrealized loss position for greater than 12 months. The Company does not intend to sell these investments, and it is not likely that the Company will be required to sell these investments before recovery of their amortized cost basis. No allowance for credit losses was recorded.