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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by level within the valuation hierarchy:

 

 

 

March 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

76,347

 

 

$

 

 

$

 

 

$

76,347

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

 

 

 

80,627

 

 

 

 

 

 

80,627

 

Certificates of deposit

 

 

 

 

 

607

 

 

 

 

 

 

607

 

U.S. government securities

 

 

26,970

 

 

 

 

 

 

 

 

 

26,970

 

Corporate debt securities

 

 

 

 

 

14,289

 

 

 

 

 

 

14,289

 

Total assets measured at fair value

 

$

103,317

 

 

$

95,523

 

 

$

 

 

$

198,840

 

 

 

December 31, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

94,411

 

 

$

 

 

$

 

 

$

94,411

 

Commercial paper

 

 

 

 

 

30,881

 

 

 

 

 

 

30,881

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

 

 

 

61,383

 

 

 

 

 

 

61,383

 

Certificates of deposit

 

 

 

 

 

1,918

 

 

 

 

 

 

1,918

 

U.S. government securities

 

 

74,444

 

 

 

 

 

 

 

 

 

74,444

 

Corporate debt securities

 

 

 

 

 

27,685

 

 

 

 

 

 

27,685

 

Total assets measured at fair value

 

$

168,855

 

 

$

121,867

 

 

$

 

 

$

290,722