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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):
|  |  |  | June 30, 2025 |
|  | Valuation Hierarchy |  | Amortized Costs |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Aggregate Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | Level 1 |  | $ | 23,312 |  |  | $ | — |  |  | $ | — |  |  | $ | 23,312 |
Corporate debt |  | Level 2 |  |  | 1,825 |  |  |  | — |  |  |  | — |  |  |  | 1,825 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | Level 1 |  |  | 84,841 |  |  |  | 24 |  |  |  | (11 | ) |  |  | 84,854 |
U.S. government-sponsored enterprises debt securities |  | Level 2 |  |  | 3,999 |  |  |  | — |  |  |  | (1 | ) |  |  | 3,998 |
Corporate debt |  | Level 2 |  |  | 50,625 |  |  |  | 36 |  |  |  | (2 | ) |  |  | 50,659 |
Commercial paper |  | Level 2 |  |  | 1,945 |  |  |  | — |  |  |  | — |  |  |  | 1,945 |
Foreign entity bond |  | Level 2 |  |  | 3,071 |  |  |  | 4 |  |  |  | — |  |  |  | 3,075 |
Total cash equivalents and short-term investments |  |  |  | $ | 169,618 |  |  | $ | 64 |  |  | $ | (14 | ) |  | $ | 169,668 |
|  |  |  | December 31, 2024 |
|  | Valuation Hierarchy |  | Amortized Costs |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Aggregate Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | Level 1 |  | $ | 110,979 |  |  | $ | — |  |  | $ | — |  |  | $ | 110,979 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | Level 2 |  |  | 34,629 |  |  |  | 43 |  |  |  | (1 | ) |  |  | 34,671 |
Total cash equivalents and short-term investments |  |  |  | $ | 145,608 |  |  | $ | 43 |  |  | $ | (1 | ) |  | $ | 145,650 |
As of June 30, 2025, the remaining contractual maturities for available-for-sale securities were one month to seventeen months. The following tables present the breakdown of the available-for-sale debt securities with unrealized losses as of June 30, 2025, and December 31, 2024 (in thousands):
|  | June 30, 2025 |
|  | Unrealized losses less than 12 months |  |  | Unrealized losses 12 months or greater |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. Treasury securities |  | $ | 53,148 |  |  | $ | (11 | ) |  | $ | — |  |  | $ | — |  |  | $ | 53,148 |  |  | $ | (11 | )
U.S. government-sponsored enterprises debt securities |  | $ | 3,999 |  |  | $ | (1 | ) |  | $ | — |  |  | $ | — |  |  | $ | 3,999 |  |  | $ | (1 | )
Corporate debt |  | $ | 9,604 |  |  | $ | (2 | ) |  | $ | — |  |  | $ | — |  |  | $ | 9,604 |  |  | $ | (2 | )
Total |  | $ | 66,751 |  |  | $ | (14 | ) |  | $ | — |  |  | $ | — |  |  | $ | 66,751 |  |  | $ | (14 | )
|  | December 31, 2024 |
|  | Unrealized losses less than 12 months |  |  | Unrealized losses 12 months or greater |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Corporate debt |  |  | 2,994 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | 2,994 |  |  |  | (1 | )
Total |  | $ | 2,994 |  |  | $ | (1 | ) |  | $ | — |  |  | $ | — |  |  | $ | 2,994 |  |  | $ | (1 | )
The unrealized losses on the Company’s available-for-sale debt securities were caused by interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. As of June 30, 2025, the Company does not intend to sell the investments, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity. Additional factors considered in determining the treatment of unrealized losses include the financial condition and near-term prospects of the investee, the extent of the loss related to the credit of the issuer, and the expected cash flows from the security. For the three and six months ended June 30, 2025 and 2024, the Company did not recognize credit loss related to available-for-sale debt securities.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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