Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following table sets forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy (in thousands):


Description:	March 31, 2025		Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)
Cash equivalents:
Money market funds	$	66,565	$	66,565	$	—	$	—
U.S Treasury	$	9,236	$	9,236	$	—	$	—
Short-term investments:
U.S. Treasury	$	138,765	$	138,765	$	—	$	—
Corporate bonds	$	10,845	$	—	$	10,845	$	—
Commercial paper	$	20,703	$	—	$	20,703	$	—
Total	$	246,114	$	214,566	$	31,548	$	—


Description:	December 31, 2024		Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)
Cash equivalents:
Money market funds	$	61,722	$	61,722	$	—	$	—
U.S. Treasury	$	4,743	$	4,743	$	—	$	—
Short-term investments:
U.S. Treasury	161,477		161,477		—		—
Corporate bonds	1,977		—		1,977		—
Commercial paper	15,691		—		15,691		—
Total	$	245,610	$	227,942	$	17,668	$	—

The Company did not have any transfers of financial assets measured at fair value on a recurring basis to or from Level 1, Level 2 or Level 3 for any of the periods presented.

The table above does not include the Company’s investments in privately held equity securities. Non-marketable equity investments of $1.6 million are included within Other noncurrent assets on the consolidated balance sheet as of March 31, 2025.