Marketable Securities and Fair Value of Financial Assets and Liabilities

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Marketable Securities and Fair Value of Financial Assets and Liabilities

3. Marketable Securities and Fair Value of Financial Assets and Liabilities

The following table summarizes the Company’s marketable securities (in thousands):

	March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury bills and notes (due within one year)	$	119,494	$	168	$	(4	)	$	119,658
	$	119,494	$	168	$	(4	)	$	119,658

	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury bills and notes (due within one year)	$	188,465	$	451	$	(4	)	$	188,912
	$	188,465	$	451	$	(4	)	$	188,912

As of March 31, 2025, the Company held three securities that were in an unrealized loss position. The aggregate fair value of securities held by the Company in an unrealized loss position for less than twelve months as of March 31, 2025 was $8.9 million and there were no securities held by the Company in an unrealized loss position for more than twelve months. As of December 31, 2024, the Company held three securities that were in an unrealized loss position. The aggregate fair value of securities held by the Company in an unrealized loss position for less than twelve months as of December 31, 2024 was $8.9 million and there were no securities held by the Company in an unrealized loss position for more than twelve months. The Company has the intent and ability to hold such securities until recovery. As a result, the Company did not record any charges for impairments for its marketable debt securities for the three months ended March 31, 2025 and for the year ended December 31, 2024.

The following tables present the Company’s fair value hierarchy for its financial assets and liabilities, which are measured at fair value on a recurring basis (in thousands):

	Fair Value Measurements at March 31, 2025 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	102,542					$	102,542
Marketable securities:
U.S. Treasury bills and notes			$	119,658			$	119,658
Total assets	$	102,542	$	119,658	$	—	$	222,200

	Fair Value Measurements at December 31, 2024 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	85,946	$	—	$	—	$	85,946
Marketable securities:
U.S. Treasury bills and notes	$	—	$	188,912	$	—	$	188,912
Total assets	$	85,946	$	188,912	$	—	$	274,858

Money market funds were valued using quoted prices in active markets, which represent a Level 1 measurement in the fair value hierarchy. U.S. Treasury bills and notes were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy.

During the three months ended March 31, 2025 and 2024, there were no transfers between Level 1, Level 2 and Level 3.