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Fair Value Measurements and Marketable Securities (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Summary of Cash Equivalents and Marketable Securities | The following tables summarize the Company’s cash equivalents and marketable securities as of March 31, 2025 and December 31, 2024:
|  | Total |  |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
|  | (in thousands) |
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds invested in government securities |  | $ | 10,271 |  |  | $ | 10,271 |  |  | $ | — |  |  | $ | — |
Total cash equivalents |  |  | 10,271 |  |  |  | 10,271 |  |  |  | — |  |  |  | — |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Bills |  |  | 11,875 |  |  |  | 11,875 |  |  |  | — |  |  |  | — |
U.S. Government securities |  |  | 124,525 |  |  |  | — |  |  |  | 124,525 |  |  |  | — |
Total marketable securities |  |  | 136,400 |  |  |  | 11,875 |  |  |  | 124,525 |  |  |  | — |
Total cash equivalents and marketable securities |  | $ | 146,671 |  |  | $ | 22,146 |  |  | $ | 124,525 |  |  | $ | — |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds invested in government securities |  | $ | 26,702 |  |  | $ | 26,702 |  |  | $ | — |  |  | $ | — |
Total cash equivalents |  |  | 26,702 |  |  |  | 26,702 |  |  |  | — |  |  |  | — |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Bills |  |  | 2,947 |  |  |  | 2,947 |  |  |  | — |  |  |  | — |
U.S. Government securities |  |  | 147,289 |  |  |  | — |  |  |  | 147,289 |  |  |  | — |
Total marketable securities |  |  | 150,236 |  |  |  | 2,947 |  |  |  | 147,289 |  |  |  | — |
Total cash equivalents and marketable securities |  | $ | 176,938 |  |  | $ | 29,649 |  |  | $ | 147,289 |  |  | $ | — |
Summary of Marketable Securities | The following table summarizes the Company's marketable securities as of March 31, 2025 and December 31, 2024:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Bills |  | $ | 11,874 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 11,875 |
U.S. Government securities |  |  | 124,472 |  |  |  | 65 |  |  |  | (12 | ) |  |  | 124,525 |
Total marketable securities |  | $ | 136,346 |  |  | $ | 66 |  |  | $ | (12 | ) |  | $ | 136,400 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Bills |  | $ | 2,945 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2,947 |
U.S. Government securities |  |  | 147,143 |  |  |  | 166 |  |  |  | (20 | ) |  |  | 147,289 |
Total marketable securities |  | $ | 150,088 |  |  | $ | 168 |  |  | $ | (20 | ) |  | $ | 150,236 |

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- Definition Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
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