XML 46 R27.htm IDEA: XBRL DOCUMENT v3.25.1
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Summary of Fair Value of Financial Instrument

The following tables summarize the fair value of the Company’s financial instruments (in thousands):

 

 

 

 

 

 

Fair Value Measurements Using

 

 

 

December 31,
2024

 

 

Quoted Prices
in Active Markets for
Identical Assets
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant
Unobservable Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

25,617

 

 

$

25,617

 

 

$

—

 

 

$

—

 

Commercial paper

 

 

1,395

 

 

 

—

 

 

 

1,395

 

 

 

—

 

Government securities

 

 

300

 

 

 

—

 

 

 

300

 

 

 

—

 

Total cash equivalents

 

$

27,312

 

 

$

25,617

 

 

$

1,695

 

 

$

—

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

124,548

 

 

$

—

 

 

$

124,548

 

 

$

—

 

Commercial paper

 

 

22,820

 

 

 

—

 

 

 

22,820

 

 

 

—

 

Government securities

 

 

92,113

 

 

 

—

 

 

 

92,113

 

 

 

—

 

Total short-term investments

 

$

239,481

 

 

$

—

 

 

$

239,481

 

 

$

—

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

86,262

 

 

$

—

 

 

$

86,262

 

 

$

—

 

Government securities

 

 

24,130

 

 

 

—

 

 

 

24,130

 

 

 

—

 

Total long-term investments

 

$

110,392

 

 

$

—

 

 

$

110,392

 

 

$

—

 

Total

 

$

377,185

 

 

$

25,617

 

 

$

351,568

 

 

$

—

 

 

 

 

 

 

 

Fair Value Measurements Using

 

 

 

December 31,
2023

 

 

Quoted Prices
in Active Markets for
Identical Assets
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant
Unobservable Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

30,751

 

 

$

30,751

 

 

$

—

 

 

$

—

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

40,609

 

 

$

—

 

 

$

40,609

 

 

$

—

 

Commercial paper

 

 

38,197

 

 

 

—

 

 

 

38,197

 

 

 

 

U.S. Government securities

 

 

138,343

 

 

 

—

 

 

 

138,343

 

 

 

—

 

Total short-term investments

 

$

217,149

 

 

$

—

 

 

$

217,149

 

 

$

—

 

Total

 

$

247,900

 

 

$

30,751

 

 

$

217,149

 

 

$

—

 
Short-term investments  
Schedule of Investments

The following tables summarize the Company’s investments as of December 31, 2024 and 2023 (in thousands):

 

 

 

 

 

December 31, 2024

 

 

 

Maturity
(in years)

 

Amortized
Cost

 

 

Unrealized
Losses

 

 

Unrealized
Gains

 

 

Estimated
Fair Value

 

Corporate debt securities

 

1 year or less

 

$

124,283

 

 

$

(38

)

 

$

303

 

 

$

124,548

 

Commercial paper

 

1 year or less

 

 

22,820

 

 

 

—

 

 

 

—

 

 

 

22,820

 

Government securities

 

1 year or less

 

 

92,013

 

 

 

(17

)

 

 

117

 

 

 

92,113

 

Corporate debt securities

 

Greater than 1 year

 

 

85,992

 

 

 

(62

)

 

 

332

 

 

 

86,262

 

Government securities

 

Greater than 1 year

 

 

24,091

 

 

 

(29

)

 

 

68

 

 

 

24,130

 

Total

 

 

 

$

349,199

 

 

$

(146

)

 

$

820

 

 

$

349,873

 

 

 

 

 

 

December 31, 2023

 

 

 

Maturity
(in years)

 

Amortized
Cost

 

 

Unrealized
Losses

 

 

Unrealized
Gains

 

 

Estimated
Fair Value

 

Corporate debt securities

 

1 year or less

 

$

40,602

 

 

$

(11

)

 

$

18

 

 

$

40,609

 

Commercial paper

 

1 year or less

 

 

38,198

 

 

 

(2

)

 

 

1

 

 

 

38,197

 

U.S. Government securities

 

1 year or less

 

 

138,341

 

 

 

(56

)

 

 

58

 

 

 

138,343

 

Total

 

 

 

$

217,141

 

 

$

(69

)

 

$

77

 

 

$

217,149