v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Financial instruments recorded at fair value in the unaudited condensed consolidated financial statements are categorized as follows:
•Level 1: Observable inputs that reflect quoted prices for identical assets or liabilities in active markets.
•Level 2: Observable inputs, other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•Level 3: Unobservable inputs reflecting management's assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.
The following table summarizes the assets measured at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2025 (in thousands):
Level 1Level 2Level 3Total
Cash equivalents
Money market funds$37,157 $— $— $37,157 
Short-term investments
US government and agency securities29,518 — 29,518 
Commercial paper— 15,301 — 15,301 
Total$66,675 $15,301 $— $81,976 
The following table summarizes the assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2024 (in thousands):
Level 1Level 2Level 3Total
Cash equivalents
Money market funds$31,708 $— $— $31,708 
Short-term investments
US government and agency securities32,323 — 32,323 
Commercial paper— 15,211 — 15,211 
Total$64,031 $15,211 $— $79,242 
The following tables summarize the Company's short-term investments on the unaudited condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024 (in thousands):
March 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term investments
US government and agency securities$29,511 $15 $(8)$29,518 
Commercial paper15,301 1 (1)15,301 
Total$44,812 $16 $(9)$44,819 
December 31, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term investments
US government and agency securities$32,309 $23 $(9)$32,323 
Commercial paper15,203 8 — 15,211 
Total$47,512 $31 $(9)$47,534 
The following tables summarize the Company’s cash and cash equivalents on the unaudited condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024 (in thousands):
March 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Cash$16,253 $— $— $16,253 
Cash equivalents
Money market funds 37,157 — — 37,157 
Total$53,410 $— $— $53,410 
December 31, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Cash$19,888 $— $— $19,888 
Cash equivalents
Money market funds 31,708 — — 31,708 
Total$51,596 $— $— $51,596 
As of March 31, 2025, the weighted-average remaining contractual maturities of available-for-sale securities was approximately three months.
No available-for-sale securities held as of March 31, 2025 have been in a continuous unrealized loss position for more than twelve months. As of March 31, 2025, unrealized losses on available-for-sale securities are not attributed to credit risk and are considered temporary. The Company believes it is more likely than not that investments in an unrealized loss position will be held until maturity or the cost basis of the investment will be recovered. The Company believes it has no other-than-temporary impairments on its securities as it does not intend to sell these securities and does not believe it is more likely than not that it will be required to sell these securities before the recovery of their amortized cost basis. To date, the Company has not recorded any impairment charges on securities related to other-than-temporary declines in fair value. The Company’s cash equivalents and short-term investments are scheduled to mature within one year from the balance sheet date.
For the three months ended March 31, 2025 and 2024, both unrealized holding gains and losses were immaterial and the resulting net unrealized holding losses and gains have been included in accumulated other comprehensive loss.
As of March 31, 2025 and December 31, 2024, the Company had no outstanding debt. The carrying amounts of certain financial instruments, including accounts receivable, accounts payable, and accrued liabilities approximate fair value due to their short-term maturities and are excluded from the fair value tables above.
Realized gains, consisting of discount accretion, for the three months ended March 31, 2025 and 2024, were $0.4 million and $0.6 million, respectively.