| Fair Value Measurements |
3. Fair Value Measurements The following table presents the Company’s assets and liabilities that are measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of June 30, 2025, and December 31, 2024:
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Fair Value Measurements at
June 30, 2025 |
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(in thousands) |
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Quoted Prices in Active Markets for Identical Assets and Liabilities
(Level 1) |
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Significant Other Observable Inputs
(Level 2) |
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Significant Unobservable Inputs
(Level 3) |
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Total |
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Assets: |
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Money market fund |
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$ |
9,072 |
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$ |
— |
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$ |
— |
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$ |
9,072 |
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U.S. treasury securities |
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1,615 |
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— |
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— |
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1,615 |
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Total included in cash and cash equivalents |
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10,687 |
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— |
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— |
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10,687 |
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Available for sale investments: |
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Corporate debt securities |
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— |
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35,769 |
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— |
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35,769 |
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Commercial paper |
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— |
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389 |
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— |
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389 |
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U.S. government agencies |
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— |
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4,614 |
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— |
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4,614 |
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U.S. treasury securities |
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19,401 |
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— |
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— |
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19,401 |
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Total available for sale investments |
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19,401 |
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40,772 |
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— |
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60,173 |
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Total assets measured at fair value on a recurring basis |
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$ |
30,088 |
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$ |
40,772 |
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$ |
— |
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$ |
70,860 |
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Fair Value Measurements at
December 31, 2024 |
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(in thousands) |
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Quoted Prices in Active Markets for Identical Assets and Liabilities
(Level 1) |
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Significant Other Observable Inputs
(Level 2) |
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Significant Unobservable Inputs
(Level 3) |
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Total |
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Assets: |
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Money market fund |
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$ |
50,499 |
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$ |
— |
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$ |
— |
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$ |
50,499 |
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U.S. treasury securities |
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393 |
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— |
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— |
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393 |
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Total included in cash and cash equivalents |
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50,892 |
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— |
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— |
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50,892 |
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Available for sale investments: |
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Corporate debt securities |
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— |
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23,489 |
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— |
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23,489 |
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Commercial paper |
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— |
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313 |
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— |
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313 |
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U.S. treasury securities |
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16,474 |
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— |
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— |
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16,474 |
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Total available for sale investments |
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16,474 |
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23,802 |
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— |
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40,276 |
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Total assets measured at fair value on a recurring basis |
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$ |
67,366 |
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$ |
23,802 |
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$ |
— |
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$ |
91,168 |
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The Company’s policy is to recognize transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no transfers into or out of Level 3 during the six months ended June 30, 2025, and 2024.
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