Fair Value Measurements and Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis

The Company’s fair value hierarchy for its financial instruments measured at fair value on a recurring basis as of March 31, 2025, was as follows (in thousands):

	Fair Value Measurements
As of March 31, 2025	Total		Level 1		Level 2		Level 3
Cash equivalents
Money market funds	$	25,615	$	25,615	$	—	$	—
Corporate debt obligations		29,976		—		29,976		—
Available-for-sale marketable securities
U.S. Treasury bills		185,784		—		185,784		—
Total fair value of assets	$	241,375	$	25,615	$	215,760	$	—

The Company’s fair value hierarchy for its financial instruments measured at fair value on a recurring basis as of December 31, 2024, was as follows (in thousands):

	Fair Value Measurements
As of December 31, 2024	Total		Level 1		Level 2		Level 3
Cash equivalents
Money market funds	$	36,745	$	36,745	$	—	$	—
Corporate debt obligations		33,910		—		33,910		—
U.S. Treasury bills		25,426		—		25,426		—
Available-for-sale marketable securities
U.S. Treasury bills		189,358		—		189,358		—
Total fair value of assets	$	285,439	$	36,745	$	248,694	$	—