| Fair Value Measurements and Financial Instruments |
3. Fair Value Measurements and Financial Instruments The following table presents the Company’s fair value hierarchy for its asset items that are measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024, by level within the fair value hierarchy (in thousands):
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Fair Value Measurement at March 31, 2025 Using: |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Cash equivalents |
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Money market funds |
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$ |
45,542 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
45,542 |
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Total cash equivalents |
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$ |
45,542 |
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|
$ |
— |
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$ |
— |
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|
$ |
45,542 |
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Marketable securities |
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U.S. government securities |
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— |
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3,933 |
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— |
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3,933 |
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Corporate bonds |
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— |
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31,549 |
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— |
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31,549 |
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Total marketable securities |
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$ |
— |
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$ |
35,482 |
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$ |
— |
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$ |
35,482 |
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Restricted cash (non-current) |
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|
927 |
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— |
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— |
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|
927 |
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Total |
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$ |
46,469 |
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$ |
35,482 |
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$ |
— |
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$ |
81,951 |
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Fair Value Measurement at December 31, 2024 Using: |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Cash equivalents |
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Money market funds |
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$ |
35,183 |
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|
$ |
— |
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$ |
— |
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$ |
35,183 |
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Total cash equivalents |
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$ |
35,183 |
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$ |
— |
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$ |
— |
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$ |
35,183 |
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Marketable securities |
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U.S. government securities |
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— |
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14,382 |
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— |
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14,382 |
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Corporate bonds |
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— |
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|
44,394 |
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— |
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|
44,394 |
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Total marketable securities |
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$ |
— |
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$ |
58,776 |
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|
$ |
— |
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$ |
58,776 |
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Restricted cash (non-current) |
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|
927 |
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— |
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— |
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|
927 |
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Total |
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$ |
36,110 |
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$ |
58,776 |
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$ |
— |
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$ |
94,886 |
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Marketable securities The following table summarizes the Company’s marketable securities as of March 31, 2025 (in thousands):
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At March 31, 2025 |
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Amortized Cost |
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Gross Unrealized Gains |
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Gross Unrealized Losses |
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Fair Value |
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U.S. government securities |
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$ |
3,932 |
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$ |
1 |
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$ |
— |
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$ |
3,933 |
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Corporate bonds |
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31,531 |
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22 |
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(4 |
) |
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|
31,549 |
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Total |
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$ |
35,463 |
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$ |
23 |
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$ |
(4 |
) |
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$ |
35,482 |
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At December 31, 2024 |
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Amortized Cost |
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Gross Unrealized Gains |
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Gross Unrealized Losses |
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Fair Value |
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U.S. government securities |
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$ |
14,371 |
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$ |
11 |
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$ |
— |
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$ |
14,382 |
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Corporate bonds |
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|
44,378 |
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32 |
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(16 |
) |
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|
44,394 |
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Total |
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$ |
58,749 |
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$ |
43 |
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$ |
(16 |
) |
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$ |
58,776 |
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The contractual maturity dates of the Company’s marketable securities are less than one year. As of March 31, 2025, the Company held 18 securities, 5 of which were in an unrealized loss position. The Company did not recognize any credit losses during the three months ended March 31, 2025 and 2024. Additionally, there was $1 thousand of realized gains on marketable securities for the three months ended March 31, 2025 and no realized gains or losses on marketable securities for the three months ended March 31, 2024.
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