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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements We define fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques we use to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. We classify the inputs used to measure fair value into the following hierarchy:
Level 1 | Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 | Unadjusted quoted prices in active markets for similar assets or liabilities; unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability.
Level 3 | Unobservable inputs for the asset or liability.
Our financial assets measured at fair value on a recurring basis are summarized below by their classification within the fair value hierarchy as follows (in thousands):
| March 31, 2025
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |
Money market funds | $ | 13,055 |  |  | $ | 13,055 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,055 |
Commercial paper | 76,661 |  |  | — |  |  | 76,661 |  |  | — |  |  | 76,661 |
Government securities | 3,394 |  |  | — |  |  | 3,394 |  |  | — |  |  | 3,394 |
Short-term marketable securities |  |  |  |  |  |  |  |  |
Commercial paper | 27,613 |  |  | — |  |  | 27,613 |  |  | — |  |  | 27,613 |
Government securities | 6,882 |  |  | — |  |  | 6,882 |  |  | — |  |  | 6,882 |
Total assets measured at fair value | $ | 127,605 |  |  | $ | 13,055 |  |  | $ | 114,550 |  |  | $ | — |  |  | $ | 127,605 |
| December 31, 2024
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |
Money market funds | $ | 15,090 |  |  | $ | 15,090 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,090 |
Commercial paper | 10,562 |  |  | — |  |  | 10,562 |  |  | — |  |  | 10,562 |
Government securities | 2,618 |  |  | — |  |  | 2,618 |  |  | — |  |  | 2,618 |
Short-term marketable securities |  |  |  |  |  |  |  |  |
Commercial paper | 17,799 |  |  | — |  |  | 17,799 |  |  | — |  |  | 17,799 |
Government securities | 25,244 |  |  | — |  |  | 25,244 |  |  | — |  |  | 25,244 |
Total assets measured at fair value | $ | 71,313 |  |  | $ | 15,090 |  |  | $ | 56,223 |  |  | $ | — |  |  | $ | 71,313 |
We endeavor to utilize the best available information in measuring fair value. Our money market funds are measured at fair value based on quoted prices in active markets and are classified as Level 1 within the fair value hierarchy. Our available for sale marketable securities, which include commercial paper and government securities with maturities of less than one year, are measured at fair value using quoted market prices to the extent available or alternative pricing sources and models utilizing market observable inputs and are classified as Level 2 within the fair value hierarchy. There were no transfers between the hierarchy levels during the three months ended March 31, 2025 or the year ended December 31, 2024. The following table summarizes our cash equivalents and available for sale debt securities by contractual maturity (in thousands):
| As of March 31, 2025 |  | As of December 31, 2024
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due in 1 year | $ | 127,626 |  |  | $ | 127,605 |  |  | $ | 71,297 |  |  | $ | 71,313 |
Unrealized gains and losses on available for sale debt securities that are not credit related are included in accumulated other comprehensive loss and summarized as follows (in thousands):
| March 31, 2025
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 13,055 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,055 |
Commercial paper | 76,675 |  |  | — |  |  | (14) |  |  | 76,661 |
Government securities | 3,394 |  |  | — |  |  | — |  |  | 3,394 |
Short-term marketable securities |  |  |  |  |  |  |
Commercial paper | 27,620 |  |  | — |  |  | (7) |  |  | 27,613 |
Government securities | 6,882 |  |  | — |  |  | — |  |  | 6,882 |
Total | $ | 127,626 |  |  | $ | — |  |  | $ | (21) |  |  | $ | 127,605 |
| December 31, 2024
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 15,090 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,090 |
Commercial paper | 10,565 |  |  | — |  |  | (3) |  |  | 10,562 |
Government securities | 2,618 |  |  | — |  |  | — |  |  | 2,618 |
Short-term marketable securities |  |  |  |  |  |  |
Commercial paper | 17,792 |  |  | 7 |  |  | — |  |  | 17,799 |
Government securities | 25,232 |  |  | 12 |  |  | — |  |  | 25,244 |
Total | $ | 71,297 |  |  | $ | 19 |  |  | $ | (3) |  |  | $ | 71,313 |
As of March 31, 2025 and December 31, 2024, we had 43 and 11 securities, respectively, in a net unrealized loss position that were immaterial individually and in aggregate. We did not record any credit losses regarding our available for sale debt securities during the three months ended March 31, 2025 or the year ended December 31, 2024. We do not intend to sell these securities, and it is more likely than not that we will not be required to sell these securities before the recovery of their amortized cost basis. We recognized interest income of $1.4 million and $2.2 million for the three months ended March 31, 2025 and 2024, respectively

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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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