Fair value measurements

3 Months Ended

Mar. 31, 2025

Fair value measurements

Fair value measurements

3. Fair value measurements

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024, 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)
March 31, 2025	(in thousands)
Money market funds included in cash and cash equivalents	$	68,727	$	68,727	$	—	$	—
Marketable securities:
U.S. Treasury notes		130,578		130,578		—		—
U.S. Government agency securities		16,404		16,404		—		—
Certificates of deposit		3,320		—		3,320
Corporate bonds		61,394		—		61,394		—
Commercial paper		8,671		—		8,671		—
Total money market funds and marketable securities	$	289,094	$	215,709	$	73,385	$	—
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	$	—

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, including certificates of deposit, corporate bonds 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.