Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Schedule of Financial Assets and Liabilities Measured at Fair Value

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands):

	Fair Value Measurements at December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	321,047	$	—	$	—	$	321,047
U.S. treasury bills		4,173		—		—		4,173
Short-term investments:
U.S. treasury bills		—		77,165		—		77,165
U.S. government agency bonds		—		67,394		—		67,394
	$	325,220	$	144,559	$	—	$	469,779

	Fair Value Measurements at December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	23,314	$	—	$	—	$	23,314
Short-term investments:
U.S. treasury bills		—		45,864		—		45,864
U.S. government agency bonds		—		38,113		—		38,113
	$	23,314	$	83,977	$	—	$	107,291
Liabilities:
Preferred stock tranche right liability (Series B)	$	—	$	—	$	2,874	$	2,874

Schedule of Short-Term Investments

Short-term investments consisted of the following (in thousands):

	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term investments:
U.S. treasury bills	$	77,142	$	37	$	(14	)	$	77,165
U.S. government agency bonds		67,442		34		(82	)		67,394
Total short-term investments:	$	144,584	$	71	$	(96	)	$	144,559

	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term investments:
U.S. treasury bills	$	45,863	$	9	$	(8	)	$	45,864
U.S. government agency bonds		38,093		23		(3	)		38,113
Total short-term investments:	$	83,956	$	32	$	(11	)	$	83,977

Schedule of Contractual Maturities of Short-term Investments

The contractual maturities of the Company’s short-term investments in available-for-sale securities held were as follows (in thousands):

	December 31, 2024		December 31, 2023
Due within one year	$	109,943	$	83,977
Due after one year through two years		34,616		—
Total available-for-sale securities	$	144,559	$	83,977

Schedule of Assumptions Used in Option-Pricing Model to Determine Fair Value of Series B Preferred Stock Tranche Right Liability

The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted:

	Year Ended December 31,
	2024			2023
Per share fair value of common stock	$	7.12		$	4.52
Expected volatility		79.1	%		77.0	%
Expected dividends		0	%		0	%
Expected term (in years)		6.2			6.3
Risk-free rate		3.41	%		1.94	%

Roll-forward of Aggregate Fair Value of the Series A and Series B Preferred Stock Tranche Right Liabilities Using Level 3 Inputs

The following table presents a roll-forward of the aggregate fair value of the Series A and Series B preferred stock tranche right liabilities, for which fair value was determined using Level 3 inputs (in thousands):

	Preferred Stock Tranche Right Liability
	Series A			Series B
Fair value at December 31, 2022	$	6,947		$	—
Fair value of Series B preferred stock tranche right liability at issuance		—			11,774
Change in fair value of preferred stock tranche right liabilities		(6,627	)		(8,900	)
Final settlement of Series A preferred stock tranche right liability		(320	)		—
Fair value at December 31, 2023		—			2,874
Change in fair value of Series B preferred stock tranche right liability		—			(2,859	)
Final settlement of Series B preferred stock tranche right liability		—			(15	)
Fair value at December 31, 2024	$	—		$	—

Series B Preferred Stock

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Schedule of Assumptions Used in Option-Pricing Model to Determine Fair Value of Series B Preferred Stock Tranche Right Liability

The following table presents the assumptions used in the option-pricing model to determine the fair value of the Series B preferred stock tranche right liability during the periods presented:

	2023
	June (Issuance Date)			December 31,
Expected volatility		51.0	%		21.2	%
Expected dividends		0.0	%		0.0	%
Expected term (in years)		0.80			0.25
Risk-free rate		5.3	%		5.4	%