Marketable Securities and Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Marketable Securities

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

Schedule of Financial Assets and Liabilities at Fair Value on Recurring Basis

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