Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

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

December 31, 2024 and 2023 (in thousands):


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Financial Assets:
Short-term marketable securities:



Municipal bonds	$	9,587	$	—	$	(151)	$	9,436


Corporate bonds	10,523		—		(127)		10,396
Total	$	20,110	$	—	$	(278)	$	19,832


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Financial Assets:
Short-term marketable securities:
U.S. Treasury securities	$	15,437	$	—	$	(64)	$	15,373
Yankee bonds	2,601		—		(13)		2,588
Agency bonds	6,056		—		(56)		6,000
Municipal bonds	12,694		—		(597)		12,097

Asset-backed securities	4,971		—		(37)		4,934
Corporate bonds	32,442		—		(719)		31,723
Total	$	74,201	$	—	$	(1,486)	$	72,715

Schedule of Investments Classified by Contractual Maturity Date

The following tables set forth the fair value of available-for-sale marketable securities by contractual maturity at December 31, 2024 and 2023 (in thousands):


	December 31, 2024
	One Year or Less		Over One Year Through Five Years		Over Five Years		Total
Financial Assets:
Marketable Securities:



Municipal bonds	$	9,436	$	—	$	—	$	9,436


Corporate bonds	10,396		—		—		10,396
Total	$	19,832	$	—	$	—	$	19,832


	December 31, 2023
	One Year or Less		Over One Year Through Five Years		Over Five Years		Total
Financial Assets:
Marketable Securities:
U.S. Treasury securities	$	15,373	$	—	$	—	$	15,373
Yankee bonds	2,588		—		—		2,588
Agency bonds	6,000		—		—		6,000
Municipal bonds	3,528		8,569		—		12,097

Asset-backed securities	4,934		—		—		4,934
Corporate bonds	23,062		8,661		—		31,723
Total	$	55,485	$	17,230	$	—	$	72,715

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables set forth the Company’s cash equivalents and marketable securities accounted for as available-for-sale securities that were measured at fair value on a recurring basis based on the fair value hierarchy as of December 31, 2024 and 2023 (in thousands):


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	364,815	$	—	$	—	$	364,815

Marketable securities:



Municipal bonds	9,436		—		—		9,436


Corporate bonds	—		10,396		—		10,396
Total	$	374,251	$	10,396	$	—	$	384,647


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	334,762	$	—	$	—	$	334,762


Marketable securities:
U.S. Treasury securities	15,373		—		—		15,373
Yankee bonds	2,588		—		—		2,588
Agency bonds	6,000		—		—		6,000
Municipal bonds	12,097		—		—		12,097

Asset-backed securities	—		4,934		—		4,934
Corporate bonds	—		31,723		—		31,723
Total	$	370,820	$	36,657	$	—	$	407,477