Fair Value Measurement

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurement

3.Fair Value Measurement

The Company assesses the fair value of financial instruments based on the provisions of ASC 820, Fair Value Measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

•Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

•Level 2 — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3 — Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

		December 31, 2024
(in thousands)	Level 1			Level 2		Level 3		Total
Financial Assets
Cash	$		6,489	$	—	$	—	$	6,489
Money market funds			118,955		—		—		118,955
Commercial paper			—		109,432		—		109,432
Corporate bonds					43,409		—		43,409
U.S. government treasury bills			144,741		—		—		144,741
Government-sponsored enterprise securities			—		11,714		—		11,714
Total	$		270,185	$	164,555	$	—	$	434,740

	December 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized			Estimated
(in thousands)	Cost		Gains		Losses			Fair Value
Financial Assets
Cash and cash equivalents	$	142,706	$	4	$	—		$	142,710
Short-term marketable securities (<12 months to maturity)		219,062		185		(57	)		219,190
Long-term marketable securities (>12 months to maturity)		72,829		53		(42	)		72,840
Total	$	434,597	$	242	$	(99	)	$	434,740

		December 31, 2023
(in thousands)	Level 1			Level 2		Level 3		Total
Financial Assets
Cash	$		3,570	$	—	$	—	$	3,570
Money market funds			59,280		—		—		59,280
Commercial paper			—		105,017		—		105,017
Corporate bonds			—		12,627		—		12,627
U.S. government treasury bills			60,012		—		—		60,012
Government-sponsored enterprise securities			—		21,606		—		21,606
Total	$		122,862	$	139,250	$	—	$	262,112

	December 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized			Estimated
(in thousands)	Cost		Gains		Losses			Fair Value
Financial Assets
Cash and cash equivalents	$	68,844	$	—	$	—		$	68,844
Short-term marketable securities (<12 months to maturity)		169,966		176		(8	)		170,134
Long-term marketable securities (>12 months to maturity)		22,955		179		—			23,134
Total	$	261,765	$	355	$	(8	)	$	262,112

The Company considers its marketable securities with maturities beyond one year as current assets, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company considers its investment portfolio of marketable securities to be available-for-sale.

The Company periodically reviews its available-for-sale marketable securities for other-than-temporary impairment. The Company considers factors such as the duration, severity and the reason for the decline in value, the potential recovery period and its intent to sell. For debt securities, the Company also considers whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis, and (ii) the amortized cost basis cannot be recovered as a result of credit losses.

There were no marketable securities that have been in a consecutive loss position for more than 12 months as of December 31, 2024. During the year ended December 31, 2024, the Company did not recognize any other-than-temporary impairment loss. As of December 31, 2024, there was no allowance for losses on available-for-sale debt securities attributable to credit risk.

As of December 31, 2024, all of the Company’s cash and cash equivalents consisted of cash on deposit with U.S. banks denominated in U. S. dollars and Australian dollars.