Fair Value Measurements and Investments (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present the Company’s fair value hierarchy for its assets that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair value:

	As of March 31, 2025:
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	—	$	62,610	$	—	$	62,610
U.S. Treasury and government securities	—		20,797		—		20,797
Corporate debt securities	—		7,783		—		7,783
Short-term investments:
U.S. Treasury and government securities	—		38,583		—		38,583
Corporate debt securities	—		9,884		—		9,884
Related party short-term investment:
Beam equity securities	3,912		—		—		3,912
Total cash equivalents and investments	$	3,912	$	139,657	$	—	$	143,569

	As of December 31, 2024:
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	—	$	178,212	$	—	$	178,212
Corporate debt securities	—		3,793		—		3,793
Short-term investment:
U.S. Treasury and government securities	—		2,998		—		2,998
Related party short-term investment:
Beam equity securities	4,968		—		—		4,968
Total cash equivalents and investments	$	4,968	$	185,003	$	—	$	189,971

Schedule of Debt Securities, Available-for-Sale

Unrealized gains and losses of investments in debt securities consisted of the following:

	As of March 31, 2025:
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Short-term investments in debt securities:
U.S. Treasury and government securities	$	38,595	$	—	$	(12)	$	38,583
Corporate debt securities	9,887		—		(3)		9,884
Total short-term investments in debt securities	$	48,482	$	—	$	(15)	$	48,467

	As of December 31, 2024:
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Short-term investments:
U.S. Treasury and government securities	$	2,997	$	1	$	—	$	2,998
Total short-term investments in debt securities	$	2,997	$	1	$	—	$	2,998

Marketable securities in unrealized loss positions consisted of the following:

	As of March 31, 2025:
(in thousands, except number of securities)	Number of Securities	Fair Value		Gross Unrealized Losses
Investments in continuous loss position for less than 12 months:
U.S. Treasury and government securities	11	$	38,583	$	(12)
Corporate debt securities	10	$	9,884	$	(3)

Schedule of Investments Classified by Contractual Maturity Date

The contractual maturities of the Company’s investments in debt securities held were as follows:

(in thousands)	March 31, 2025		December 31, 2024
Due within one year	$	48,467	$	2,998