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

4. Fair Value

The following tables present information about the Company’s financial assets 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. The Company’s marketable securities classified as Level 2 within the fair value hierarchy were initially valued at the transaction price and subsequently valued, at the end of each reporting period, utilizing market-observable data. The Company validated the prices developed using the market-observable data by obtaining market values from other pricing sources and confirming that the relevant markets were active. The fair value of these financial assets was determined based on three levels of input as follows:

•
Level 1 - Quoted prices in active markets for identical assets;
•
Level 2 - Observable inputs other than quoted prices in active markets; and
•
Level 3 - Unobservable inputs.

(in thousands)

 

June 30, 2025

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

     Cash equivalents

 

$

76,739

 

 

$

76,739

 

 

$

—

 

 

$

—

 

Total

 

$

76,739

 

 

$

76,739

 

 

$

—

 

 

$

—

 

 

(in thousands)

 

December 31, 2024

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

     Cash equivalents

 

$

114,944

 

 

$

114,944

 

 

$

—

 

 

$

—

 

     Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

          U.S. government agency and treasury securities

 

 

28,923

 

 

 

—

 

 

 

28,923

 

 

 

—

 

Total

 

$

143,867

 

 

$

114,944

 

 

$

28,923

 

 

$

—

 

The Company initiated and completed a reduction-in-force during the second quarter of 2025 and initiated a plan to sell certain equipment related to the Company’s internal research and process development operations. These assets were treated as held-for-sale assets and written-down to their fair value less costs to sell. The fair value of these assets was measured using market data including offers to purchase these assets or like assets. The Company recognized a $3.0 million impairment during the three and six months ended June 30, 2025. All held-for-sale assets were sold during the second quarter of 2025.