Fair value measurements

12 Months Ended

Dec. 31, 2024

Fair value measurements

Fair value measurements

3. Fair value measurements

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2024, and 2023 are as follows:

			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
Assets	Total		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
December 31, 2024
Money market funds included in cash and cash equivalents	$	59,658	$	59,658	$	—	$	—
Marketable securities:
U.S. Treasury notes		125,783		125,783		—		—
U.S. Government agency securities		27,518		27,518		—		—
Certificates of deposit		4,286		—		4,286		—
Corporate bonds		94,976		—		94,976		—
Commercial paper		8,458		—		8,458		—
Total money market funds and marketable securities	$	320,679	$	212,959	$	107,720	$	—
December 31, 2023
Money market funds included in cash and cash equivalents	$	65,589	$	65,589	$	—	$	—
Marketable securities:
U.S. Treasury notes		103,044		103,044		—		—
U.S. Government agency securities		31,075		31,075		—		—
Corporate bonds		23,970		—		23,970		—
Commercial paper		3,985		—		3,985		—
Total money market funds and marketable securities	$	227,663	$	199,708	$	27,955	$	—

The Company measures the fair value of money market funds, U.S. Treasury notes and U.S. Government agency securities based on quoted prices in active markets for identical securities. The Company measures the fair value of the Level 2 securities, corporate bonds, certificates of deposit, and commercial paper, based on recent trades of securities in inactive markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data.