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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Cash Equivalents and Marketable Securities Classified as Available-for-Sale Securities Measured at Fair Value on Recurring Basis

Cash equivalents and marketable securities, all of which are classified as available-for-sale securities and measured at fair value on a recurring basis, consisted of the following (in thousands):

 

 

 

 

As of December 31, 2024

 

 

 

Fair Value
Hierarchy
Level

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair
Value

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

Level 1

 

$

152,776

 

 

$

—

 

 

$

—

 

 

$

152,776

 

Corporate debt

 

Level 2

 

 

17,772

 

 

 

21

 

 

 

(3

)

 

 

17,790

 

Asset-backed securities

 

Level 2

 

 

3,820

 

 

 

5

 

 

 

—

 

 

 

3,825

 

Commercial paper

 

Level 2

 

 

16,795

 

 

 

—

 

 

 

—

 

 

 

16,795

 

U.S. government agency securities

 

Level 2

 

 

39,743

 

 

 

27

 

 

 

—

 

 

 

39,770

 

Subtotal

 

 

 

 

230,906

 

 

 

53

 

 

 

(3

)

 

 

230,956

 

Less: Cash equivalents

 

 

 

 

(169,636

)

 

 

—

 

 

 

—

 

 

 

(169,636

)

Marketable securities

 

 

 

$

61,270

 

 

$

53

 

 

$

(3

)

 

$

61,320

 

 

 

 

 

 

As of December 31, 2023

 

 

 

Fair Value
Hierarchy
Level

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

Level 1

 

$

10,869

 

 

$

—

 

 

$

—

 

 

$

10,869

 

Corporate debt

 

Level 2

 

 

19,531

 

 

 

37

 

 

 

(9

)

 

 

19,559

 

Asset-backed securities

 

Level 2

 

 

5,242

 

 

 

7

 

 

 

(4

)

 

 

5,245

 

Commercial paper

 

Level 2

 

 

59,828

 

 

 

7

 

 

 

(8

)

 

 

59,827

 

U.S. government agency securities

 

Level 2

 

 

63,206

 

 

 

91

 

 

 

(18

)

 

 

63,279

 

Subtotal

 

 

 

 

158,676

 

 

 

142

 

 

 

(39

)

 

 

158,779

 

Less: Cash equivalents

 

 

 

 

(47,395

)

 

 

—

 

 

 

—

 

 

 

(47,395

)

Marketable securities

 

 

 

$

111,281

 

 

$

142

 

 

$

(39

)

 

$

111,384

 

 
Schedule of Remaining Contractual Maturities of Marketable Securities

The following table presents the remaining contractual maturities of the Company’s marketable securities as of December 31, 2024 (in thousands):

December 31, 2024

 

Maturing in one year or less

$

61,320

 

Maturing after one year through five years

 

—

 

Total

$

61,320