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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Summary of Financial Assets Measured at Fair Value on Recurring Basis and Level of Fair Value Hierarchy Utilized

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

 

 

 

Fair Value Measurements at
December 31, 2024

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

45,722

 

 

$

45,722

 

 

$

 

 

$

 

U.S. Treasury securities

 

 

12,490

 

 

 

 

 

 

12,490

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

2,496

 

 

 

 

 

 

2,496

 

 

 

 

Government agency securities

 

 

11,282

 

 

 

 

 

 

11,282

 

 

 

 

Corporate bonds

 

 

169,031

 

 

 

 

 

 

169,031

 

 

 

 

Total

 

$

241,021

 

 

$

45,722

 

 

$

195,299

 

 

$

 

 

 

Fair Value Measurements at
December 31, 2023

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

25,563

 

 

$

25,563

 

 

$

 

 

$

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

14,215

 

 

 

 

 

 

14,215

 

 

 

 

Government agency securities

 

 

65,107

 

 

 

 

 

 

65,107

 

 

 

 

Commercial paper

 

 

17,889

 

 

 

 

 

 

17,889

 

 

 

 

Corporate bonds

 

 

113,447

 

 

 

 

 

 

113,447

 

 

 

 

Total

 

$

236,221

 

 

$

25,563

 

 

$

210,658

 

 

$