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Fair Value Measurements and Marketable Securities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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)
June 30, 2025
Cash equivalents:
Money market funds invested in government securities		$	19,715			$	19,715			$	—			$	—
Total cash equivalents			19,715				19,715				—				—
Marketable securities:
U.S. Treasury Bills			11,404				11,404				—				—
U.S. Government securities			106,533				—				106,533				—
Total marketable securities			117,937				11,404				106,533				—
Total cash equivalents and marketable securities		$	137,652			$	31,119			$	106,533			$	—
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 June 30, 2025 and December 31, 2024:

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(in thousands)
June 30, 2025
Assets:
U.S. Treasury Bills		$	11,406			$	—			$	(2	)		$	11,404
U.S. Government securities			106,539				15				(21	)			106,533
Total marketable securities		$	117,945			$	15			$	(23	)		$	117,937
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

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- References

No definition available.

+ Details

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X

- 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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