Fair Value Measurement

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair Value Measurement

The following table sets forth the recurring fair value of the Company’s financial assets and liabilities, allocated into the Level 1, Level 2 and Level 3 hierarchy that were measured at fair value on a recurring basis (in thousands):

	Fair Value Measurements as of March 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	227,319	$	—	$	—	$	227,319
U.S. government treasury bills	1,517		—		—		1,517
Corporate bonds	—		1,976		—		1,976
Total financial assets	$	228,836	$	1,976	$	—	$	230,812

	Fair Value Measurements as of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	27,485	$	—	$	—	$	27,485
U.S. government treasury bills	12,562		—		—		12,562
Commercial paper	—		1,744		—		1,744
Corporate bonds	—		4,261		—		4,261
Total financial assets	$	40,047	$	6,005	$	—	$	46,052

(1)Included in cash and cash equivalents in the accompanying condensed consolidated balance sheets.

As of March 31, 2025, marketable securities had a contractual maturity of less than one year.