v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Values of Financial Assets and Liabilities Measured at Fair Value

The table below presents information about the Company’s assets and liabilities that are regularly measured and carried at fair value and indicate the level within the fair value hierarchy of valuation techniques the Company utilized to determine such fair values (in thousands):

 

 

Fair Value Measurements Using

 

 

 

 

 

 

Quoted

 

 

 

 

 

 

 

 

 

 

 

 

Prices

 

 

Significant

 

 

 

 

 

 

 

 

 

(unadjusted)

 

 

Other

 

 

Significant

 

 

 

Total

 

 

in Active

 

 

Observable

 

 

Unobservable

 

 

 

Carrying

 

 

Markets

 

 

Inputs

 

 

Inputs

 

 

 

Value

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

 

(In thousands)

 

June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

108,636

 

 

$

108,636

 

 

$

—

 

 

$

—

 

Short-term investments

 

 

346,597

 

 

 

—

 

 

 

346,597

 

 

 

—

 

Long-term investments

 

 

62,627

 

 

 

—

 

 

 

62,627

 

 

 

—

 

Total assets

 

$

517,860

 

 

$

108,636

 

 

$

409,224

 

 

$

—

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

154,083

 

 

$

129,187

 

 

$

24,896

 

 

$

—

 

Short-term investments

 

 

418,801

 

 

 

—

 

 

 

418,801

 

 

 

—

 

Long-term investments

 

 

119,520

 

 

 

—

 

 

 

119,520

 

 

 

—

 

Total assets

 

$

692,404

 

 

$

129,187

 

 

$

563,217

 

 

$

—

 
Summary of Available-for-Sale Securities

The following table summarizes the available-for-sale securities:

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

 

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

 

 

(In thousands)

 

June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

215,379

 

 

$

—

 

 

$

(23

)

 

$

215,356

 

Corporate bonds

 

 

24,639

 

 

 

38

 

 

 

—

 

 

 

24,677

 

US Treasury

 

 

168,924

 

 

 

267

 

 

 

—

 

 

 

169,191

 

 

 

$

408,942

 

 

$

305

 

 

$

(23

)

 

$

409,224

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

263,952

 

 

$

—

 

 

$

(56

)

 

$

263,896

 

Corporate bonds

 

 

40,261

 

 

 

—

 

 

 

—

 

 

 

40,261

 

US Treasury

 

 

233,945

 

 

 

219

 

 

 

—

 

 

 

234,164

 

 

 

$

538,158

 

 

$

219

 

 

$

(56

)

 

$

538,321