Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Fair Value, Assets Measured on Recurring and Nonrecurring Basis

The following tables set forth the amortized cost, gross unrealized gains, gross unrealized losses and fair values of the Company’s marketable securities accounted for as available-for-sale securities as of June 30, 2025 and December 31, 2024 (in thousands):


	June 30, 2025
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Financial Assets:
Short-term marketable securities:




Municipal bonds	$	6,006	$	—	$	(26)	$	5,980


Corporate bonds	2,999		—		(17)		2,982
Total	$	9,005	$	—	$	(43)	$	8,962


	December 31, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Financial Assets:
Short-term marketable securities:



Municipal bonds	$	9,587	$	—	$	(151)	$	9,436


Corporate bonds	10,523		—		(127)		10,396
Total	$	20,110	$	—	$	(278)	$	19,832

Schedule of Investments Classified by Contractual Maturity Date

The following tables set forth the fair value of available-for-sale marketable securities by contractual maturity at June 30, 2025 and December 31, 2024.


	June 30, 2025
(in thousands)	One Year or Less		Over One Year Through Five Years		Over Five Years		Total
Financial Assets:
Marketable Securities:




Municipal bonds	$	5,980	$	—	$	—	$	5,980


Corporate bonds	2,982		—		—		2,982
Total	$	8,962	$	—	$	—	$	8,962


	December 31, 2024
(in thousands)	One Year or Less		Over One Year Through Five Years		Over Five Years		Total
Financial Assets:
Marketable Securities:



Municipal bonds	$	9,436	$	—	$	—	$	9,436


Corporate bonds	10,396		—		—		10,396
Total	$	19,832	$	—	$	—	$	19,832

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables set forth the Company’s cash equivalents and marketable securities accounted for as available-for-sale securities that were measured at fair value on a recurring basis based on the fair value hierarchy as of June 30, 2025 and December 31, 2024.


	June 30, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	150,113	$	—	$	—	$	150,113


Marketable securities:




Municipal bonds	5,980		—		—		5,980


Corporate bonds	—		2,982		—		2,982
Total	$	156,093	$	2,982	$	—	$	159,075


	December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	364,815	$	—	$	—	$	364,815


Marketable securities:



Municipal bonds	9,436		—		—		9,436


Corporate bonds	—		10,396		—		10,396
Total	$	374,251	$	10,396	$	—	$	384,647