Fair Value Measurements and Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements and Fair Value of Financial Instruments

3.FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

The following tables set forth the fair value of the Company’s financial assets that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands).

	September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	39,847	$	—	$	—	$	39,847
Commercial paper		—		2,992		—		2,992
Total cash equivalents		39,847		2,992		—		42,839
Investments:
U.S. Treasury securities		—		88,030		—		88,030
Commercial paper		—		17,139		—		17,139
Corporate debt securities		—		101,043		—		101,043
Total investments		—		206,212		—		206,212
Total assets measured at fair value	$	39,847	$	209,204	$	—	$	249,051

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	36,097	$	—	$	—	$	36,097
Commercial paper		—		4,191		—		4,191
Total cash equivalents		36,097		4,191		—		40,288
Investments:
U.S. Treasury securities		—		150,116		—		150,116
Commercial paper		—		12,239		—		12,239
Corporate debt securities		—		96,405		—		96,405
Total investments		—		258,760		—		258,760
Total assets measured at fair value	$	36,097	$	262,951	$	—	$	299,048

There were no financial liabilities measured at fair value. The Company classifies money market funds within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The Company classifies its investments in U.S. Treasury securities (Treasury bills, Treasury notes, and Treasury bonds), U.S. Non-Treasury securities (government agency debt), commercial paper, and corporate debt securities as Level 2 instruments and obtains fair value from an independent pricing service, which may use quoted market prices for identical or comparable instruments or model-driven valuations using observable market data or inputs corroborated by observable market data.

The carrying amount of the Company’s accounts receivable, other receivables, prepaid expenses and other current assets, accounts payable and accrued expenses approximate fair value due to their short maturities.

The following is a summary of the Company’s cash equivalents and investments and the gross unrealized holding gains and losses (in thousands):

	September 30, 2025
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Assets:
Cash equivalents:
Money market funds	$	39,847	$	—	$	—		$	39,847
Commercial paper		2,992		—		—			2,992
Total cash equivalents		42,839		—		—			42,839
Investments:
U.S. Treasury securities		87,809		222		(1	)		88,030
Commercial paper		17,123		16		—			17,139
Corporate debt securities		100,849		203		(9	)		101,043
Total investments		205,781		441		(10	)		206,212
Total assets measured at fair value	$	248,620	$	441	$	(10	)	$	249,051

	December 31, 2024
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Assets:
Cash equivalents:
Money market funds	$	36,097	$	—	$	—		$	36,097
Commercial paper		4,191		—		—			4,191
Total cash equivalents		40,288		—		—			40,288
Investments:
U.S. Treasury securities		150,095		121		(100	)		150,116
Commercial paper		12,227		12		—			12,239
Corporate debt securities		96,302		209		(106	)		96,405
Total investments		258,624		342		(206	)		258,760
Total assets measured at fair value	$	298,912	$	342	$	(206	)	$	299,048

As of September 30, 2025 and December 31, 2024, unrealized losses on available-for-sale investments are not attributable to credit risk and are considered to be temporary. As of September 30, 2025, the Company does not have investments that have been in a continuous unrealized loss position for twelve months or longer. The Company believes it is more likely than not that investments in an unrealized loss position will be held until maturity or until the recovery of the amortized cost basis of the investment. To date, the Company has not recorded any credit loss charges on marketable securities related to other-than-temporary declines in market value. As of September 30, 2025, $52.0 million of available-for-sale investments had remaining maturities primarily between one and two years. The remainder of the available-for-sale investments have a remaining maturity of one year or less. As of September 30, 2025 and December 31, 2024, the Company recorded $1.4 million and $1.9 million, respectively, of accrued interest related to its available-for-sale investments and is presented as other receivables on the unaudited condensed consolidated balance sheets.