v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3. Fair Value Measurements

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 utilized to determine such fair values (in thousands):

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

 

 

March 31,
2025

 

 

Quoted Prices in Active Markets for Identical Assets
(Level 1)

 

 

Significant Other Observable Inputs
(Level 2)

 

 

Significant Unobservable Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

    Money market funds

 

$

26,957

 

 

$

26,957

 

 

$

—

 

 

$

—

 

Total cash equivalents

 

$

26,957

 

 

$

26,957

 

 

$

—

 

 

$

—

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

 

 

December 31,
2024

 

 

Quoted Prices in Active Markets for Identical Assets
(Level 1)

 

 

Significant Other Observable Inputs
(Level 2)

 

 

Significant Unobservable Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

    Money market funds

 

$

23,214

 

 

$

23,214

 

 

$

—

 

 

$

—

 

    U.S. treasury bills

 

 

6,995

 

 

 

—

 

 

 

6,995

 

 

 

—

 

Total cash equivalents

 

$

30,209

 

 

$

23,214

 

 

$

6,995

 

 

$

—

 

As of March 31, 2025, the Company’s cash equivalents were invested in money market funds, which were valued based on Level 1 inputs. As of December 31, 2024, the Company’s cash equivalents were invested in money market funds and U.S. treasury bills with maturity dates of less than 90 days, which were valued based on Level 1 and Level 2 inputs, respectively. All available-for-sale securities have contractual maturities of less than one year. The Company did not have any financial assets or liabilities during any of the periods presented in the accompanying condensed consolidated financial statements that required Level 3 inputs.

The carrying values of the Company’s accounts payable, accrued expenses and deferred revenue approximate their fair values due to the short-term nature of these liabilities and as such these are considered Level 1 in the fair value hierarchy.