v3.25.2
Fair Value Measurement
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement

Note 3. Fair Value Measurement

The Company measures and reports certain financial instruments as assets and liabilities at fair value on a recurring basis. The following tables set forth the fair value of the Company’s financial assets, which consist of cash equivalents and marketable securities measured and recognized at fair value (in thousands):

 

 

 

 

June 30, 2025

 

 

 

Fair Value
Hierarchy Level

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

Level 1

 

$

25,932

 

 

$

—

 

 

$

—

 

 

$

25,932

 

U.S. treasury securities

 

Level 2

 

 

3,092

 

 

 

—

 

 

 

—

 

 

 

3,092

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

Level 1

 

 

53,046

 

 

 

13

 

 

 

(10

)

 

 

53,049

 

Corporate bonds

 

Level 2

 

 

5,539

 

 

 

3

 

 

 

—

 

 

 

5,542

 

Commercial paper

 

Level 2

 

 

999

 

 

 

—

 

 

 

—

 

 

 

999

 

U.S. government agency securities

 

Level 2

 

 

14,065

 

 

 

5

 

 

 

(3

)

 

 

14,067

 

Total

 

 

 

$

102,673

 

 

$

21

 

 

$

(13

)

 

$

102,681

 

 

 

 

 

 

December 31, 2024

 

 

 

Fair Value
Hierarchy Level

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

Level 1

 

$

24,376

 

 

$

—

 

 

$

—

 

 

$

24,376

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

Level 1

 

 

105,219

 

 

 

117

 

 

 

(23

)

 

 

105,313

 

Corporate bonds

 

Level 2

 

 

20,437

 

 

 

36

 

 

 

(3

)

 

 

20,470

 

Commercial paper

 

Level 2

 

 

13,894

 

 

 

6

 

 

 

(1

)

 

 

13,899

 

U.S. government agency securities

 

Level 2

 

 

17,583

 

 

 

31

 

 

 

(4

)

 

 

17,610

 

Total

 

 

 

$

181,509

 

 

$

190

 

 

$

(31

)

 

$

181,668

 

The Company evaluates transfers between levels at the end of each reporting period. There were no transfers between Levels 1, 2 and 3 during the three and six months ended June 30, 2025 and 2024. As of June 30, 2025 and December 31, 2024, there were no financial instruments classified as Level 3.

The following table summarizes the available-for-sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of June 30, 2025 and December 31, 2024, aggregated by major security type and length of time in a continuous unrealized loss position:

 

 

June 30, 2025

 

 

 

Less than 12 months

 

 

Greater than 12 months

 

 

Total

 

 

 

Fair Value

 

 

Unrealized Losses

 

 

Fair Value

 

 

Unrealized Losses

 

 

Fair Value

 

 

Unrealized Losses

 

U.S. treasury securities

 

$

27,203

 

 

$

(10

)

 

$

—

 

 

$

—

 

 

$

27,203

 

 

$

(10

)

U.S. government agency securities

 

 

4,986

 

 

 

(3

)

 

 

—

 

 

 

—

 

 

 

4,986

 

 

 

(3

)

Total

 

$

32,189

 

 

$

(13

)

 

$

—

 

 

$

—

 

 

$

32,189

 

 

$

(13

)

 

 

 

December 31, 2024

 

 

 

Less than 12 months

 

 

Greater than 12 months

 

 

Total

 

 

 

Fair Value

 

 

Unrealized Losses

 

 

Fair Value

 

 

Unrealized Losses

 

 

Fair Value

 

 

Unrealized Losses

 

U.S. treasury securities

 

$

18,621

 

 

$

(23

)

 

$

—

 

 

$

—

 

 

$

18,621

 

 

$

(23

)

Corporate bonds

 

 

3,065

 

 

 

(3

)

 

 

—

 

 

 

—

 

 

 

3,065

 

 

 

(3

)

Commercial paper

 

 

6,064

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

6,064

 

 

 

(1

)

U.S. government agency securities

 

 

5,199

 

 

 

(4

)

 

 

—

 

 

 

—

 

 

 

5,199

 

 

 

(4

)

Total

 

$

32,949

 

 

$

(31

)

 

$

—

 

 

$

—

 

 

$

32,949

 

 

$

(31

)

As of June 30, 2025 and December 31, 2024, the Company held 13 and 20 debt securities, respectively, with an unrealized loss position. The Company evaluated its securities for credit losses and considered the decline in market value to be primarily attributable to current economic and market conditions and not to a credit loss or other factors. Additionally, the Company does not intend to sell the securities in an unrealized loss position and does not expect it will be required to sell the securities before recovery of the unamortized cost basis. As of June 30, 2025 and December 31, 2024, an allowance for credit losses has not been recognized. Given the Company's intent and ability to hold such securities until recovery, and the lack of significant change in credit risk of these investments, it does not consider these marketable securities impaired as of June 30, 2025 and December 31, 2024.

There were no realized gains or losses on marketable securities for the three and six months ended June 30, 2025 and 2024. Interest on marketable securities is included in interest income. As of June 30, 2025 and December 31, 2024, the Company had accrued interest receivable of $0.5 million and $0.8 million, respectively, which was included in prepaid expenses and other current assets on the condensed balance sheets.

The following table summarizes the contractual maturities of the Company’s cash equivalents and marketable securities as of June 30, 2025 and December 31, 2024 at estimated fair value (in thousands):

 

 

June 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Due in less than one year

 

$

102,681

 

 

$

167,815

 

Due in more than one year

 

 

—

 

 

 

13,853

 

Total

 

$

102,681

 

 

$

181,668