Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis:

	December 31, 2024
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
Money market funds	$	458,195	$	—	$	—	$	458,195
U.S. treasury bills	214,189		—		—		214,189
Commercial paper	—		8,028		—		8,028
Corporate debt securities	—		53,238		—		53,238
Certificates of deposit	—		25,779		—		25,779
Short-term investments
U.S. treasury securities	168,900		—		—		168,900
Asset-backed securities	—		10,509		—		10,509
Total assets	$	841,284	$	97,554	$	—	$	938,838

	December 31, 2023
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
Money market funds	$	627,983	$	—	$	—	$	627,983
U.S. treasury bills	230,602		—		—		230,602
Short-term investments
U.S. treasury securities	240,256		—		—		240,256
U.S. agency securities	—		14,993		—		14,993
Asset-backed securities	—		10,500		—		10,500
Corporate debt securities	—		2,975		—		2,975
Total assets	$	1,098,841	$	28,468	$	—	$	1,127,309

The Company classifies money market funds, U.S. treasury bills, U.S. treasury securities, U.S. agency securities, asset-backed securities, certificates of deposit, commercial paper and corporate debt securities within Level 1 or Level 2 of the fair value hierarchy because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs.

There were no transfers of financial instruments between the fair value hierarchy levels during the years ended December 31, 2024 and 2023.