Organization and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Financial Instruments Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s financial instruments measured at fair value on a recurring basis (in thousands):

			Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of December 31, 2024:
Assets:
Cash equivalents:
Money market funds	$	427,959	$	427,959	$	—	$	—
Total cash equivalents		427,959		427,959		—		—
Short-term investments:
U.S. Treasury securities		95,474		95,474		—		—
U.S. agency bonds		300,845		—		300,845		—
Corporate debt securities		161,997		—		161,997		—
Commercial paper		36,252		—		36,252		—
Total short-term investments		594,568		95,474		499,094		—
Restricted cash:
Money market account		816		816		—		—
Total restricted cash		816		816		—		—
Total assets measured at fair value on a recurring basis	$	1,023,343	$	524,249	$	499,094	$	—

			Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of December 31, 2023:
Assets:
Cash equivalents:
Money market funds	$	14,751	$	14,751	$	—	$	—
Total cash equivalents		14,751		14,751		—		—
Short-term investments:
U.S. Treasury securities		71,300		71,300		—		—
U.S. agency bonds		167,103		—		167,103		—
Asset-backed securities		5,055		—		5,055		—
Corporate debt securities		1,999		—		1,999		—
Commercial paper		79,366		—		79,366		—
Total short-term investments		324,823		71,300		253,523		—
Restricted cash:
Money market account		816		816		—		—
Total restricted cash		816		816		—		—
Total assets measured at fair value on a recurring basis	$	340,390	$	86,867	$	253,523	$	—

Reconciliation of Cash and Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying balance sheets that sum to the amounts shown in the statements of cash flows (in thousands):

	December 31,
	2024		2023
Cash and cash equivalents	$	430,605	$	19,205
Restricted cash		816		816
Total cash and cash equivalents and restricted cash	$	431,421	$	20,021

Summary of Short-Term Investments

The following tables summarize short-term investments (in thousands):

	As of December 31, 2024
	Amortized		Unrealized					Estimated
	Cost		Gains		Losses			Fair Value
U.S. Treasury securities	$	94,984	$	490	$	—		$	95,474
U.S. agency bonds		299,831		1,209		(195	)		300,845
Corporate debt securities		161,336		696		(35	)		161,997
Commercial paper		36,254		20		(22	)		36,252
Total	$	592,405	$	2,415	$	(252	)	$	594,568

	As of December 31, 2023
	Amortized		Unrealized					Estimated
	Cost		Gains		Losses			Fair Value
U.S. Treasury securities	$	71,072	$	242	$	(14	)	$	71,300
U.S. agency bonds		166,699		591		(187	)		167,103
Asset-backed securities		5,078		—		(23	)		5,055
Corporate debt securities		1,999		—		—			1,999
Commercial paper		79,310		56		—			79,366
Total	$	324,158	$	889	$	(224	)	$	324,823

Schedule of Contractual Maturities of Available-for-sale Debt Securities

Contractual maturities of available-for-sale debt securities are as follows (in thousands):

	As of December 31, 2024
	Due in 1 Year or Less		Due Between 1 and 3 Years
U.S. Treasury securities	$	57,858	$	37,616
U.S. agency bonds		78,135		222,710
Corporate debt securities		—		161,997
Commercial paper		36,252		—
Total	$	172,245	$	422,323

	As of December 31, 2023
	Due in 1 Year or Less		Due Between 1 and 3 Years
U.S. Treasury securities	$	34,426	$	36,874
U.S. agency bonds		89,801		77,302
Asset-backed securities		5,055		—
Corporate debt securities		1,999		—
Commercial paper		79,366		—
Total	$	210,647	$	114,176

Schedule of Available-for-Sale Debt Securities in an Unrealized Loss Position

The following table summarizes our available-for-sale debt securities in an aggregate gross unrealized loss position at December 31, 2023, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

	As of December 31, 2023
	Less Than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury securities	$	5,892	$	(14	)	$	—	$	—		$	5,892	$	(14	)
U.S. agency bonds		63,583		(169	)		9,970		(18	)		73,553		(187	)
Asset-backed securities		5,055		(23	)		—		—			5,055		(23	)
Total	$	74,530	$	(206	)	$	9,970	$	(18	)	$	84,500	$	(224	)

Summary of Potentially Dilutive Shares Not Included in the Calculation of Net Loss Per Share

Potentially dilutive securities not included in the calculation of diluted net loss per share, because to do so would be anti-dilutive, are as follows (in common stock equivalent shares):

	As of December 31,
	2024		2023		2022
Common stock options outstanding		8,873,071		7,989,192		7,345,444
Restricted stock units outstanding		341,847		—		—
Unvested common stock		—		10,319		68,406
Employee stock purchase plan shares		19,140		13,796		10,423
Total potentially dilutive shares		9,234,058		8,013,307		7,424,273