Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 3. Fair Value Measurements

The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of December 31, 2024 and 2023 (in thousands):

	Fair Value Measurements at December 31, 2024:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	106,234	$	—	$	—	$	106,234
US treasuries		1,497		—		—		1,497
US government agencies		—		9,925		—		9,925
Marketable securities, current
US treasuries		96,442		—		—		96,442
US government agencies		—		42,068		—		42,068
Commercial Paper		—		15,851		—		15,851
Corporate bonds		—		214,127		—		214,127
Marketable securities, non-current
US treasuries		62,022		—		—		62,022
US government agencies		—		135,749		—		135,749
Corporate bonds		—		164,388		—		164,388
Restricted cash		5,794		—		—		5,794
Total	$	271,989	$	582,108	$	—	$	854,097

	Fair Value Measurements at December 31, 2023:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	78,010	$	—	$	—	$	78,010
US treasuries		27,985		—		—		27,985
Commercial Paper		997		—		—		997
Marketable securities, current
US treasuries		23,253		—		—		23,253
US government agencies		—		114,384		—		114,384
Corporate bonds		—		127,278		—		127,278
Marketable securities, non-current
US treasuries		—		—		—		—
US government agencies		—		28,307		—		28,307
Corporate bonds		—		33,127		—		33,127
Restricted cash		5,811		—		—		5,811
Total	$	136,056	$	303,096	$	—	$	439,152

During the years ended December 31, 2024 and 2023, there were no transfers in or out of Level 3.