Fair Value Measurement

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair Value Measurement

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis as of December 31, 2024 and 2023, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	69,475	$	—	$	—	$	69,475
Marketable securities:
Corporate securities	—		42,943		—		42,943
U.S. treasury and agency securities	—		3,093		—		3,093
Total financial assets	$	69,475	$	46,036	$	—	$	115,511

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	22,433	$	—	$	—	$	22,433
Corporate Securities	—		1,212		—		1,212
Marketable securities:
Corporate securities	—		198,380		—		198,380
U.S. treasury and agency securities	20,064		10,317		—		30,381
Total financial assets	$	42,497	$	209,909	$	—	$	252,406

The Company classifies its highly liquid money market funds and U.S treasury securities within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its commercial paper, corporate bonds, and U.S. agency securities within Level 2 because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded.