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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Summary of assets and liabilities measured at fair value on recurring basis

The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis and indicates their respective levels within the fair value hierarchy (in thousands):

 

 

 

 

AS OF MARCH 31, 2025

 

 

CLASSIFICATION

 

TOTAL

 

 

LEVEL 1

 

 

LEVEL 2

 

 

LEVEL 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

Cash and cash equivalents

 

$

23,137

 

 

$

23,137

 

 

$

—

 

 

$

—

 

Government bonds

 

Cash and cash equivalents

 

 

1,600

 

 

 

—

 

 

 

1,600

 

 

 

—

 

Commercial paper

 

Short-term investments

 

 

47,037

 

 

 

—

 

 

 

47,037

 

 

 

—

 

Government and government agency bonds

 

Short-term investments

 

 

62,161

 

 

 

—

 

 

 

62,161

 

 

 

—

 

Corporate bonds

 

Short-term investments

 

 

26,364

 

 

 

—

 

 

 

26,364

 

 

 

—

 

Total assets

 

 

 

$

160,299

 

 

$

23,137

 

 

$

137,162

 

 

$

—

 

 

 

 

 

AS OF DECEMBER 31, 2024

 

 

CLASSIFICATION

 

TOTAL

 

 

LEVEL 1

 

 

LEVEL 2

 

 

LEVEL 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

Cash and cash equivalents

 

$

31,553

 

 

$

31,553

 

 

$

—

 

 

$

—

 

Government bonds

 

Cash and cash equivalents

 

 

6,574

 

 

 

—

 

 

 

6,574

 

 

 

—

 

Commercial paper

 

Short-term investments

 

 

64,855

 

 

 

—

 

 

 

64,855

 

 

 

—

 

Government and government agency bonds

 

Short-term investments

 

 

59,458

 

 

 

—

 

 

 

59,458

 

 

 

—

 

Corporate bonds

 

Short-term investments

 

 

20,880

 

 

 

—

 

 

 

20,880

 

 

 

—

 

Total assets

 

 

 

$

183,320

 

 

$

31,553

 

 

$

151,767

 

 

$

—