Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Measurements

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Reoccurring Basis

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