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Fair Value of Financial Instruments | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments | 4. Fair Value of Financial Instruments The following tables summarize the Company's financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):
|  |  |  | June 30, 2025 |
|  | Valuation Hierarchy |  | Amortized Cost |  |  | Unrealized Losses |  |  | Unrealized Gains |  |  | Estimated Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | Level 1 |  | $ | 42,034 |  |  | $ | — |  |  | $ | — |  |  | $ | 42,034 |
Commercial paper |  | Level 2 |  |  | 9,186 |  |  |  | — |  |  |  | — |  |  |  | 9,186 |
U.S. Government securities |  | Level 2 |  |  | 1,500 |  |  |  | — |  |  |  | — |  |  |  | 1,500 |
Total Cash equivalents |  |  |  |  | 52,720 |  |  |  | — |  |  |  | — |  |  |  | 52,720 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | Level 2 |  | $ | 141,657 |  |  | $ | (12 | ) |  | $ | 335 |  |  | $ | 141,980 |
Commercial paper |  | Level 2 |  |  | 20,636 |  |  |  | — |  |  |  | — |  |  |  | 20,636 |
Government securities |  | Level 2 |  |  | 73,626 |  |  |  | (19 | ) |  |  | 50 |  |  |  | 73,657 |
Total short-term investments |  |  |  |  | 235,919 |  |  |  | (31 | ) |  |  | 385 |  |  |  | 236,273 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | Level 2 |  | $ | 3,463 |  |  | $ | (4 | ) |  | $ | 7 |  |  | $ | 3,466 |
Government securities |  | Level 2 |  |  | 38,140 |  |  |  | (41 | ) |  |  | 46 |  |  | $ | 38,145 |
Total long-term investments |  |  |  |  | 41,603 |  |  |  | (45 | ) |  |  | 53 |  |  |  | 41,611 |
Total |  |  |  | $ | 330,242 |  |  | $ | (76 | ) |  | $ | 438 |  |  | $ | 330,604 |
|  |  |  | December 31, 2024 |
|  | Valuation Hierarchy |  | Amortized Cost |  |  | Unrealized Losses |  |  | Unrealized Gains |  |  | Estimated Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | Level 1 |  | $ | 25,617 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,617 |
Commercial paper |  | Level 2 |  |  | 1,395 |  |  |  | — |  |  |  | — |  |  |  | 1,395 |
Government securities |  | Level 2 |  |  | 300 |  |  |  | — |  |  |  | — |  |  |  | 300 |
Total cash equivalents |  |  |  |  | 27,312 |  |  |  | — |  |  |  | — |  |  |  | 27,312 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | Level 2 |  | $ | 124,283 |  |  | $ | (38 | ) |  | $ | 303 |  |  | $ | 124,548 |
Commercial paper |  | Level 2 |  |  | 22,820 |  |  |  | — |  |  |  | — |  |  |  | 22,820 |
Government securities |  | Level 2 |  |  | 92,013 |  |  |  | (17 | ) |  |  | 117 |  |  |  | 92,113 |
Total short-term investments |  |  |  |  | 239,116 |  |  |  | (55 | ) |  |  | 420 |  |  |  | 239,481 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | Level 2 |  | $ | 85,992 |  |  | $ | (62 | ) |  | $ | 332 |  |  | $ | 86,262 |
Government securities |  | Level 2 |  |  | 24,091 |  |  |  | (29 | ) |  |  | 68 |  |  |  | 24,130 |
Total long-term investments |  |  |  |  | 110,083 |  |  |  | (91 | ) |  |  | 400 |  |  |  | 110,392 |
Commercial paper |  | Level 2 |  |  | 1,395 |  |  |  | — |  |  |  | — |  |  |  | 1,395 |
Total |  |  |  | $ | 376,511 |  |  | $ | (146 | ) |  | $ | 820 |  |  | $ | 377,185 |
Investments are classified as Level 1 within the fair value hierarchy if their quoted prices are available in active markets for identical securities. Investments in money market funds of $42.0 million and $25.6 million as of June 30, 2025 and December 31, 2024, respectively, were classified as Level 1 instruments and were included in cash equivalents. Investments in corporate debt securities, commercial paper and government securities are valued using Level 2 inputs. Level 2 securities are initially valued at the transaction price and subsequently valued and reported upon utilizing inputs other than quoted prices that are observable either directly or indirectly, such as quotes from third-party pricing vendors. Fair values determined by Level 2 inputs, which utilize data points that are observable such as quoted prices, interest rates and yield curves, require the exercise of judgment and use of estimates, that if changed, could significantly affect the Company’s financial position and results of operations. Accrued interest receivable related to investments was $2.2 million and $2.5 million as of June 30, 2025 and December 31, 2024, respectively, and included as part of prepaid expenses and other current assets in the condensed balance sheets. The Company has classified its investment securities as current and non-current assets on the condensed balance sheets based on each security's contractual maturity date, and all investment securities are accounted for as available-for-sale because these investment securities are considered available for use in operations. All of our long-term investments as of June 30, 2025 had maturities between one and two years. The Company considers whether unrealized losses have resulted from a credit loss or other factors. The unrealized losses on the Company’s available-for-sale securities as of June 30, 2025 and December 31, 2024 were caused by fluctuations in market value and interest rates as a result of the economic environment and not credit risk. The Company concluded that an allowance for credit losses was unnecessary as of June 30, 2025 and December 31, 2024. It is neither management’s intention to sell nor is it more likely than not that the Company will be required to sell these investments prior to recovery of their cost basis or recovery of fair value. Unrealized gains and losses are included in accumulated other comprehensive income/(loss). During the six months ended June 30, 2025, the Company received $10.0 million in proceeds from an available-for-sale security called prior to maturity, resulting in an immaterial realized gain and included within maturities of investments. The available-for-sale security was called within 90 days of its stated maturity. There was no realized gain or loss on available-for-sale securities for the six months ended June 30, 2024. The Company uses the specific identification method to determine the cost basis of investments sold.

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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/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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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