Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fair Value Measurements

. FAIR VALUE MEASUREMENTS

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):

	Fair Value Measured as of
	March 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Cash, cash equivalents and restricted cash:
Cash and money market funds(1)	$	24,871	$	—	$	—	$	24,871
US government and agency		—		137,489		—		137,489
Total cash, cash equivalents and restricted cash	$	24,871	$	137,489	$	—	$	162,360
Short-term investments:
Corporate notes and bonds		—		13,932		—		13,932
US government and agency		—		414,673		—		414,673
Total short-term investments	$	—	$	428,605	$	—	$	428,605
Long-term investments:
US government and agency		—		108,861		—		108,861
Total long-term investments	$	—	$	108,861	$	—	$	108,861
Total assets	$	24,871	$	674,955	$	—	$	699,826
Liabilities
Public warrants	$	21,241	$	—	$	—	$	21,241

	Fair Value Measured as of
	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Cash, cash equivalents and restricted cash:
Cash and money market funds(1)	$	33,204	$	—	$	—	$	33,204
US government and agency		—		23,636		—		23,636
Total cash, cash equivalents and restricted cash	$	33,204	$	23,636	$	—	$	56,840
Short-term investments:
Corporate notes and bonds		—		43,868		—		43,868
US government and agency		—		242,028		—		242,028
Total short-term investments	$	—	$	285,896	$	—	$	285,896
Long-term investments:
Corporate notes and bonds		—		1,924		—		1,924
US government and agency		—		21,621		—		21,621
Total long-term investments	$	—	$	23,545	$	—	$	23,545
Total assets	$	33,204	$	333,077	$	—	$	366,281
Liabilities
Public warrants	$	70,688	$	—	$	—	$	70,688

(1)Includes money market funds associated with the Company’s overnight investment sweep account and cash collateralizing the Company's letters of credit and corporate credit cards.

Transfers to/from Levels 1, 2 and 3 are recognized at the beginning of the reporting period. There were no transfers between levels during the current period. On March 31, 2025, the closing trading price of the public warrants was $11.11 per warrant.