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Fair Value Measurements
 3 Months Ended
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 1Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2Unadjusted 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 3Unobservable 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 ValueLevel 1Level 2Level 3Total
Assets
Cash equivalents
Money market funds$13,055 $13,055 $— $— $13,055 
Commercial paper76,661 — 76,661 — 76,661 
Government securities3,394 — 3,394 — 3,394 
Short-term marketable securities
Commercial paper27,613 — 27,613 — 27,613 
Government securities6,882 — 6,882 — 6,882 
Total assets measured at fair value$127,605 $13,055 $114,550 $— $127,605 

 December 31, 2024
 Carrying ValueLevel 1Level 2Level 3Total
Assets
Cash equivalents
Money market funds$15,090 $15,090 $— $— $15,090 
Commercial paper10,562 — 10,562 — 10,562 
Government securities2,618 — 2,618 — 2,618 
Short-term marketable securities
Commercial paper17,799 — 17,799 — 17,799 
Government securities25,244 — 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, 2025As of December 31, 2024
Amortized CostFair ValueAmortized CostFair 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 CostUnrealized GainsUnrealized LossesFair Value
Cash equivalents
Money market funds$13,055 $— $— $13,055 
Commercial paper76,675 — (14)76,661 
Government securities3,394 — — 3,394 
Short-term marketable securities
Commercial paper27,620 — (7)27,613 
Government securities6,882 — — 6,882 
Total$127,626 $— $(21)$127,605 

December 31, 2024
Amortized CostUnrealized GainsUnrealized LossesFair Value
Cash equivalents
Money market funds$15,090 $— $— $15,090 
Commercial paper10,565 — (3)10,562 
Government securities
2,618 — — 2,618 
Short-term marketable securities
Commercial paper17,792 7 — 17,799 
Government securities25,232 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