Fair value measurements

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Fair value measurements

Fair value measurements

The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of June 30, 2025 (in thousands):

	Fair Value		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	69,461	$	69,461	$	—	$	—
Corporate debt securities	8,471		—		8,471		—
Marketable securities:
Corporate debt securities	125,255		—		125,255		—
U.S. Treasury securities	17,363		—		17,363		—
U.S. government debt securities	2,198		—		2,198		—
Total cash equivalents and marketable securities	$	222,748	$	69,461	$	153,287	$	—

There have been no transfers between fair value levels during the six months ended June 30, 2025.

The following table sets forth the fair value of the Company’s financial assets by level within the fair value hierarchy at December 31, 2024 (in thousands):

	Fair Value		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	46,219	$	46,219	$	—	$	—
U.S. Treasury securities	9,043		—		9,043		—
Marketable securities:
Corporate debt securities	186,931		—		186,931		—
U.S. Treasury securities	18,302		—		18,302		—
U.S. government debt securities	6,531		—		6,531		—
Total cash equivalents and marketable securities	$	267,026	$	46,219	$	220,807	$	—

The Company classifies its money market funds, which are valued based on quoted market prices in active markets, with no valuation adjustment, as Level 1 assets within the fair value hierarchy.

Marketable securities consist of U.S. Treasury securities, U.S. government debt securities, and corporate debt securities, all of which are classified as available-for-sale pursuant to ASC 320, Investments – Debt and Equity Securities. Marketable securities are classified within Level 2 of the fair value hierarchy because pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined using models or other valuation methodologies on a recurring basis.