| Schedule of Fair Value Hierarchy for Assets and Liabilities |
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: |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
45,542 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
45,542 |
|
Total cash equivalents |
|
$ |
45,542 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
45,542 |
|
Marketable securities |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government securities |
|
|
— |
|
|
|
3,933 |
|
|
|
— |
|
|
|
3,933 |
|
Corporate bonds |
|
|
— |
|
|
|
31,549 |
|
|
|
— |
|
|
|
31,549 |
|
Total marketable securities |
|
$ |
— |
|
|
$ |
35,482 |
|
|
$ |
— |
|
|
$ |
35,482 |
|
Restricted cash (non-current) |
|
|
927 |
|
|
|
— |
|
|
|
— |
|
|
|
927 |
|
Total |
|
$ |
46,469 |
|
|
$ |
35,482 |
|
|
$ |
— |
|
|
$ |
81,951 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurement at December 31, 2024 Using: |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
35,183 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
35,183 |
|
Total cash equivalents |
|
$ |
35,183 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
35,183 |
|
Marketable securities |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government securities |
|
|
— |
|
|
|
14,382 |
|
|
|
— |
|
|
|
14,382 |
|
Corporate bonds |
|
|
— |
|
|
|
44,394 |
|
|
|
— |
|
|
|
44,394 |
|
Total marketable securities |
|
$ |
— |
|
|
$ |
58,776 |
|
|
$ |
— |
|
|
$ |
58,776 |
|
Restricted cash (non-current) |
|
|
927 |
|
|
|
— |
|
|
|
— |
|
|
|
927 |
|
Total |
|
$ |
36,110 |
|
|
$ |
58,776 |
|
|
$ |
— |
|
|
$ |
94,886 |
|
|
| Summary of 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 |
|
|
|
Amortized Cost |
|
|
Gross Unrealized Gains |
|
|
Gross Unrealized Losses |
|
|
Fair Value |
|
U.S. government securities |
|
$ |
3,932 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
3,933 |
|
Corporate bonds |
|
|
31,531 |
|
|
|
22 |
|
|
|
(4 |
) |
|
|
31,549 |
|
Total |
|
$ |
35,463 |
|
|
$ |
23 |
|
|
$ |
(4 |
) |
|
$ |
35,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2024 |
|
|
|
Amortized Cost |
|
|
Gross Unrealized Gains |
|
|
Gross Unrealized Losses |
|
|
Fair Value |
|
U.S. government securities |
|
$ |
14,371 |
|
|
$ |
11 |
|
|
$ |
— |
|
|
$ |
14,382 |
|
Corporate bonds |
|
|
44,378 |
|
|
|
32 |
|
|
|
(16 |
) |
|
|
44,394 |
|
Total |
|
$ |
58,749 |
|
|
$ |
43 |
|
|
$ |
(16 |
) |
|
$ |
58,776 |
|
|