Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

(4)Fair Value Measurements

The following table summarizes, for financial assets measured at fair value, the respective fair value and classification by level of input within the fair value hierarchy (in thousands):

		As of March 31, 2025
		Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Estimated Fair Value
Level 1:
Cash equivalents(1)
Money market funds	$		115,019	$		—	$		—	$		115,019
Level 2:
Available-for-sale securities
U.S. governmental and agency securities			151,536			326			—			151,862
Total	$		266,555	$		326	$		—	$		266,881

		As of December 31, 2024
		Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Estimated Fair Value
Level 1:
Cash equivalents(1)
Money market funds	$		137,374	$		—	$		—	$		137,374
Level 2:
Cash equivalents(1)
U.S. governmental and agency securities			12,826			—			—			12,826
Available-for-sale securities
U.S. governmental and agency securities			126,655			6			—			126,661
Total	$		276,855	$		6	$		—	$		276,861

(1)Included in “Cash and cash equivalents” in the Company’s condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024, in addition to cash of $16.2 million and $21.5 million, respectively.

The Company uses quoted prices in active markets for identical assets to determine the fair value of the Company's Level 1 investments. The fair value of the Company's Level 2 investments is determined using pricing based on quoted market prices or alternative market observable inputs.

The fair value of the Company's available-for-sale securities as of March 31, 2025, by remaining contractual maturities, was as follows (in thousands):

	As of March 31, 2025
Due in one year or less	$	77,867
Due in greater than one year		73,995
Total	$	151,862