Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Measurements

Fair Value Measurements

4.Fair Value Measurements

The following table presents information about the Company’s financial assets and liabilities measured at fair value on a reoccurring basis and indicates the level of fair value hierarchy utilized to determine such values (in thousands):

	AS OF MARCH 31, 2025
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Cash equivalents:
Money market funds	$	94,226	$	—	$	—	$	94,226
U.S. treasury securities		1,404		—		—		1,404
Corporate debt securities		—		1,076		—		1,076
Marketable securities:
U.S. treasury securities		257,179		—		—		257,179
Debt securities issued by U.S. government agencies		—		164,264		—		164,264
Commercial paper		—		34,182		—		34,182
Corporate debt securities		—		118,894		—		118,894
Total	$	352,809	$	318,416	$	—	$	671,225

	AS OF DECEMBER 31, 2024
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Cash equivalents:
Money market funds	$	132,491	$	—	$	—		132,491
Marketable securities:
U.S. treasury securities		248,935		—		—		248,935
Debt securities issued by U.S. government agencies		—		218,696		—		218,696
Commercial paper		—		35,557		—		35,557
Corporate debt securities		—		86,092		—		86,092
Total	$	381,426	$	340,345	$	—	$	721,771