Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

4.Fair value of financial instruments:

The level of the fair value hierarchy utilized to determine the fair value of cash and cash equivalents and marketable securities consisted of the following:

	December 31, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents
Cash and money market fund	$	142,712	$	—	$	—	$	142,712	$	148,643	$	—	$	—	$	148,643
Marketable securities
Guaranteed investment certificates		16,147		—		—		16,147		7,684		—		—		7,684
U.S. treasuries		130,948		—		—		130,948		252,982		—		—		252,982
U.S. government securities		—		—		—		—		—		97,912		—		97,912
Commercial paper		—		66,905		—		66,905		—		119,108		—		119,108
Corporate debt securities		—		397,689		—		397,689		—		304,545		—		304,545
Total	$	289,807	$	464,594	$	—	$	754,401	$	409,309	$	521,565	$	—	$	930,874

The fair values of the Company’s U.S. government securities, commercial paper and corporate debt securities are based on prices obtained from independent pricing sources. Securities with validated quotes from pricing services are reflected within Level 2, as they are primarily based on observable pricing for similar assets or other market observable inputs. Typical inputs used by these pricing services include, but are not limited to, reported trades, benchmark yields, issuer spreads, bids, offers or estimates of cash flow, prepayment spreads and default rates.

As of December 31, 2024 and December 31, 2023, the Company does not hold any securities classified as Level 3 and there were no securities transferred between Level 1 and 2.