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

4. Fair value measurements

Financial instruments carried at fair value include cash and cash equivalents, restricted cash and marketable securities.

For assets and liabilities measured at fair value, fair value is the price to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. When determining fair value, the Company considers the principal or most advantageous market in which it would transact, and assumptions that market participants would use when pricing asset or liabilities.

The accounting standard for fair value establishes a fair value hierarchy based on three levels of inputs, the first two of which are considered observable and the last unobservable. The standard requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The three levels of inputs that may be used to measure fair value are as follows:

•
Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
•
Level 2 – Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
•
Level 3 – Inputs are unobservable that are significant to the fair value of the asset or liability and are developed based on the best information available in the circumstances, which might include the Company’s data.

The following table presents information about the Company’s cash equivalents and marketable securities that were measured at fair value as of June 30, 2025 and December 31, 2024:

 

 

 

As of June 30, 2025

 

(in thousands)

 

Quoted Prices in
Active Markets
for Identical Assets
 (Level 1)

 

 

Significant Other
Observable
Inputs
 (Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Total Fair Value

 

Cash equivalents (1):

 

 

 

 

 

 

 

 

 

 

 

 

Money market mutual funds & cash equivalents

 

$

8,110

 

 

$

0

 

 

$

0

 

 

$

8,110

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

0

 

 

 

16,007

 

 

0

 

 

 

16,007

 

U.S. treasury securities

 

 

72,183

 

 

0

 

 

0

 

 

 

72,183

 

Total marketable securities

 

$

72,183

 

 

$

16,007

 

 

$

0

 

 

$

88,190

 

(1) Included in “Cash and cash equivalents” in the accompanying Condensed Consolidated Balance Sheets, in addition to $39.3 million of cash as of June 30, 2025.

 

 

 

As of December 31, 2024

 

(in thousands)

 

Quoted Prices in
Active Markets
for Identical Assets
 (Level 1)

 

 

Significant Other
Observable
Inputs
 (Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Total Fair Value

 

Cash equivalents (1):

 

 

 

 

 

 

 

 

 

 

 

 

Money market mutual funds & cash equivalents

 

$

46,033

 

 

$

0

 

 

$

0

 

 

$

46,033

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

0

 

 

 

24,943

 

 

 

0

 

 

 

24,943

 

U.S. treasury securities

 

 

62,124

 

 

 

0

 

 

 

0

 

 

 

62,124

 

Agency bonds

 

 

0

 

 

 

2,216

 

 

 

0

 

 

 

2,216

 

Total marketable securities

 

$

62,124

 

 

$

27,159

 

 

$

0

 

 

$

89,283

 

(1) Included in “Cash and cash equivalents” in the accompanying Condensed Consolidated Balance Sheets, in addition to $44.3 million of cash, as of December 31, 2024.

The contractual maturities of the investments classified as marketable securities were as follows:

(in thousands)

 

As of June 30, 2025

 

 

As of December 31, 2024

 

Due within 1 year

 

$

88,190

 

 

$

70,933

 

Due in 1 year through 2 years

 

 

0

 

 

 

18,350

 

Total marketable securities

 

$

88,190

 

 

$

89,283

 

 

The following tables summarize the gains, losses, and estimated fair value of cash equivalents, marketable securities as of June 30, 2025 and December 31, 2024:

 

 

As of June 30, 2025

 

(in thousands)

 

Amortized Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market mutual funds & cash equivalents

 

$

8,110

 

 

$

0

 

 

$

0

 

 

$

8,110

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

15,913

 

 

 

94

 

 

 

0

 

 

 

16,007

 

U.S. treasury securities

 

 

72,163

 

 

 

30

 

 

 

(10

)

 

 

72,183

 

Total marketable securities

 

$

88,076

 

 

$

124

 

 

$

(10

)

 

$

88,190

 

 

 

 

 

As of December 31, 2024

 

(in thousands)

 

Amortized Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market mutual funds & cash equivalents

 

$

46,033

 

 

$

0

 

 

$

0

 

 

$

46,033

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

24,859

 

 

 

91

 

 

 

(7

)

 

 

24,943

 

U.S. treasury securities

 

 

62,063

 

 

 

68

 

 

 

(7

)

 

 

62,124

 

Agency bonds

 

 

2,216

 

 

 

0

 

 

 

0

 

 

 

2,216

 

Total marketable securities

 

$

89,138

 

 

$

159

 

 

$

(14

)

 

$

89,283