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Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

4. 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):

 

 

 

 

 

September 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

 

$

24,363

 

 

$

—

 

 

$

—

 

 

$

24,363

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

Level 1

 

 

86,748

 

 

 

81

 

 

 

(6

)

 

 

86,823

 

Corporate debt

 

Level 2

 

 

48,287

 

 

 

75

 

 

 

(3

)

 

 

48,359

 

Commercial paper

 

Level 2

 

 

3,911

 

 

 

5

 

 

 

—

 

 

 

3,916

 

Foreign entity bond

 

Level 2

 

 

3,098

 

 

 

5

 

 

 

—

 

 

 

3,103

 

Total cash equivalents and
   short-term investments

 

 

 

$

166,407

 

 

$

166

 

 

$

(9

)

 

$

166,564

 

 

 

 

 

 

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 September 30, 2025, the remaining contractual maturities for available-for-sale securities were one month to fifteen months. The unrealized losses for securities in an unrealized loss position for more than 12 months as of September 30, 2025, and December 31, 2024 were immaterial. For the three and nine months ended September 30, 2025 and 2024, the Company did not recognize credit loss related to available-for-sale debt securities.