v3.25.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of financial assets measured at fair value on a recurring basis
The tables below presents information about the Company’s financial assets measured at fair value on a recurring basis:
 
    
March 31, 2025
 
    
Total
    
Level 1
    
Level 2
    
Level 3
 
U.S. Treasury and U.S. government agencies
   $ 56,480      $ 56,480      $ —       $ —   
Corporate debt securities
     129,568        20,413        109,155        —   
Asset-backed securities
     20,184        —         20,184        —   
Short-term investments
           
  
 
 
    
 
 
    
 
 
    
 
 
 
Total
   $ 206,232      $ 76,893      $ 129,339      $ —   
  
 
 
    
 
 
    
 
 
    
 
 
 
 
    
December 31, 2024
 
    
Total
    
Level 1
    
Level 2
    
Level 3
 
U.S. Treasury and U.S. government agencies
   $ 75,234      $ 75,234      $ —       $ —   
Corporate debt securities
     108,790        28,222        80,568        —   
Asset-backed securities
     30,021        —         30,021        —   
  
 
 
    
 
 
    
 
 
    
 
 
 
Total
  
$
214,045
 
  
$
103,456
 
  
$
110,589
 
  
$
— 
 
  
 
 
    
 
 
    
 
 
    
 
 
 
Schedule of financial instruments not carried at fair value as of the date presented
The following table summarizes the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value as of the date presented:
 
    
March 31, 2025
    
December 31, 2024
 
    
Carrying
Value
    
Estimated

Fair Value
    
Carrying
Value
    
Estimated
Fair Value
 
Long-term debt:
           
Surplus note
   $ 926      $ 784      $ 1,029      $ 885