v3.25.1
Fair Value Measurement
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
Fair value is the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value determination in accordance with applicable accounting guidance requires that a number of significant judgments be made. Additionally, fair value is used on a nonrecurring basis to evaluate assets for impairment or as required for disclosure purposes by applicable accounting guidance on disclosures about fair value of financial instruments. Depending on the nature of the assets and liabilities, various valuation techniques and assumptions are used when estimating fair value. The carrying amounts of certain of the Company’s financial instruments, including cash, prepaid expenses, tax incentive receivable and accounts payable, are shown at cost, which approximates fair value due to the short-term nature of these instruments.
The Company follows the provisions of FASB ASC Topic 820, Fair Value Measurement, for financial assets and liabilities measured on a recurring basis. The guidance requires fair value measurements be classified and disclosed in one of the following three categories:
Level 1:    Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
Level 2:    Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liabilities.
Level 3:    Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
The following fair value hierarchy table presents information about the Company’s financial assets measured and carried at fair value (amounts in thousands):
Fair value measurement at reporting date using
Quoted prices
in active markets for
identical assets
(Level 1)		Significant
other
observable inputs (Level 2)		Significant
unobservable inputs
(Level 3)
Total
March 31, 2025
Assets
Money Market fund$47,453 $— $— $47,453 
U.S. Treasury and government agency securities
129,716 63,695 — 193,411 
Corporate debt securities— 92,361 — 92,361 
Commercial Paper— 53,896 — 53,896 
Total
$177,169 $209,951 $— $387,121 
December 31, 2024
Assets
Money Market fund$217,515 $— $— $217,515 
U.S. Treasury securities171,885 — — 171,885 
$389,400 $— $— $389,400 
We classify our investments in available-for-sale U.S. Treasury securities and the money market fund into Level 1 of the ASC Topic 820 hierarchy because fair values represent quoted market prices for identical or comparable instruments. The Company estimates the fair value of its U.S. government agency securities, corporate debt securities and commercial paper by taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads; benchmark securities; prepayment/default projections based on historical data; and other observable inputs.
The following represents the amortized cost bases and fair values of the Company’s fixed income investments as of March 31, 2025 (amounts in thousands):

Amortized CostGross Unrealized Gains Gross Unrealized LossesFair Value
Money Market fund, included in Cash and cash equivalents$47,453 $— $— $47,453 
U.S. government Treasury and agency securities, included in:
Cash and cash equivalents$9,957 $— $(1)$9,956 
Short-term investments125,684 20 (20)125,684 
Long-term investments57,783 30 (42)57,771 
Total U.S. Treasury securities$193,424 $50 $(63)$193,411 
Corporate debt securities, included in:
Short-term investments$9,739 $— $(2)$9,737 
Long-term investments82,602 59 (36)82,624 
Total Corporate debt securities$92,341 $59 $(38)$92,361 
Commercial paper, included in:
Cash and cash equivalents$9,970 $— $(2)$9,968 
Short-term investments43,923 9 (5)43,928 
Total Commercial paper$53,893 $9 $(7)$53,896 
In aggregate:
Investments above with no unrealized loss
$205,208 $119 $— $205,327 
Investments above with unrealized loss
181,904 — (110)181,794 
Total investments
$387,112 $119 $(110)$387,121 
At the end of March 31, 2025, the Company held approximately 44 debt securities, of which 27 were in a unrealized loss position as of the end of the period, with an aggregate fair value of $181.8 million. The Company has not recorded any allowance for credit losses as of March 31, 2025 as it believes the decline in fair value below amortized cost is not related to credit losses. These investments in an unrealized loss position were in this position for less than 12 months and there has been no change in the credit risk of such securities during the period. The Company does not intend to sell its investments and it is not more likely than not that the Company will be required to sell the securities before recovery of the amortized cost basis of its debt securities. Securities are evaluated at the end of each reporting period for evidence of the credit-related impairment.