Fair Value Measurements and Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

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

Schedule of Debt Securities, Available-for-sale, Unrealized Gain

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