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Fair Value Measurements
 6 Months Ended
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.