Fair Value Measurements

3 Months Ended

Mar. 31, 2025

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:

	March 31, 2025
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
Money market funds	$	377,756	$	—	$	—	$	377,756
U.S. treasury bills	225,889		—		—		225,889
Commercial paper	—		1,438		—		1,438
Corporate debt securities	—		67,848		—		67,848
Certificates of deposit	—		18,821		—		18,821
Short-term investments
U.S. treasury securities	147,428		—		—		147,428
Asset-backed securities	—		10,112		—		10,112
Total assets measured at fair value	$	751,073	$	98,219	$	—	$	849,292

	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
Certificate 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 measured at fair value	$	841,284	$	97,554	$	—	$	938,838

The Company classifies money market funds, U.S. treasury bills, commercial paper, certificates of deposit, U.S. treasury securities, asset-backed securities, 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 three months ended March 31, 2025 and the year ended December 31, 2024.