v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The carrying values of the Company's financial assets not measured at fair value on a recurring basis, principally accounts receivable, restricted cash and accounts payable, approximated their fair values due to the short period of time to maturity or repayment.
Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The current accounting guidance for fair value measurements defines a three-level valuation hierarchy for disclosures as follows:
•Level I—Unadjusted quoted prices in active markets for identical assets or liabilities;
•Level II—Inputs other than quoted prices included within Level I that are observable, unadjusted quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data; and
•Level III—Unobservable inputs that are supported by little or no market activity, which requires the Company to develop its own assumptions.
The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
The following table details the fair value hierarchy of the Company's financial assets measured at fair value on a recurring basis as of June 30, 2025:
Fair Value Measurements Using:
Fair ValueQuoted Prices in Active Markets for Identical Assets
(Level I)		Significant Other Observable Inputs
(Level II)		Significant Unobservable Inputs
(Level III)
Assets
Cash Equivalents:
Money market funds$37,969 $37,969 $— $— 
Investments:
Fair ValueQuoted Prices in Active Markets for Identical Assets
(Level I)		Significant Other Observable Inputs
(Level II)		Significant Unobservable Inputs
(Level III)
Corporate bonds and commercial paper$49,235 $— $49,235 $— 
Certificates of deposit13,454 — 13,454 — 
U.S. government securities54,533 — 54,533 — 
$117,222 $— $117,222 $— 
The following table details the fair value hierarchy of the Company's financial assets measured at fair value on a recurring basis as of December 31, 2024:
Fair Value Measurements Using:
Fair ValueQuoted Prices in Active Markets for Identical Assets
(Level I)		Significant Other Observable Inputs
(Level II)		Significant Unobservable Inputs
(Level III)
Assets
Cash Equivalents:
Money market funds$63,945 $63,945 $— $— 
Certificates of deposit245 — 245 — 
$64,190 $63,945 $245 $— 
Investments:
Fair ValueQuoted Prices in Active Markets for Identical Assets
(Level I)		Significant Other Observable Inputs
(Level II)		Significant Unobservable Inputs
(Level III)
Corporate bonds and commercial paper$46,702 $— $46,702 $— 
Certificates of deposit14,092 — 14,092 — 
U.S. government securities26,922 — 26,922 — 
$87,716 $— $87,716 $— 
The Company determines the fair value of the vast majority of its debt investment holdings based on pricing from its pricing vendors. The valuation techniques used to measure the fair value of financial instruments having Level II inputs were derived from non-binding consensus prices that are corroborated by observable market data or quoted market prices for similar instruments. Such market prices may be quoted prices in active markets for identical assets (Level I inputs) or pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level II inputs).