Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:

	Fair Value Measurements as of March 31, 2025
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	115,843	$	—	$	—	$	115,843
Marketable Securities
US Treasury obligations		—		58,706		—		58,706
US Government agency securities		—		11,921		—		11,921
Asset-backed securities		—		60,458		—		60,458
Commercial paper		—		7,953		—		7,953
Corporate bonds		—		167,004		—		167,004
Total	$	115,843	$	306,042	$	—	$	421,885

	Fair Value Measurements as of December 31, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	60,984	$	—	$	—	$	60,984
Marketable Securities
US Treasury obligations		—		109,036		—		109,036
US Government agency securities		—		25,094		—		25,094
Asset-backed securities		—		60,071		—		60,071
Commercial paper		—		21,857		—		21,857
Corporate bonds		—		173,967		—		173,967
Total	$	60,984	$	390,025	$	—	$	451,009

The Company’s assets with fair value categorized as Level 1 within the fair value hierarchy include money market funds. Money market funds are publicly traded mutual funds and are presented as cash equivalents on the unaudited condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024.

The Company’s assets with fair value categorized as Level 2 within the fair value hierarchy include treasury obligations, government agency securities, asset-backed securities, commercial paper and corporate bonds with fair values determined by utilizing information from third party pricing sources for identical or similar assets and liabilities in active market.

There were no transfers between Level 1, Level 2 or Level 3 categories during the three months ended March 31, 2025.