4.Fair Value Measurements The following tables present information about the Company’s financial assets measured at fair value on a recurring basis:
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Fair Market Value Measurements
as of June 30, 2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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(in thousands) |
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Cash equivalents: |
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Money market funds |
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$ |
3,953 |
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$ |
— |
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$ |
— |
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$ |
3,953 |
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U.S. Treasury bills |
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— |
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2,485 |
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— |
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2,485 |
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Marketable debt securities: |
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U.S. Treasury bills |
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— |
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135,506 |
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— |
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135,506 |
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U.S. government agency bonds |
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— |
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6,007 |
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— |
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6,007 |
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Total assets |
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$ |
3,953 |
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$ |
143,998 |
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$ |
— |
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$ |
147,951 |
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Fair Market Value Measurements
as of December 31, 2024 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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(in thousands) |
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Cash equivalents |
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Money market funds |
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$ |
14,915 |
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$ |
— |
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$ |
— |
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|
$ |
14,915 |
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U.S. Treasury bills |
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— |
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10,112 |
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— |
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10,112 |
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Marketable debt securities |
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|
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U.S. Treasury bills |
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— |
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176,374 |
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— |
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176,374 |
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U.S. government agency bonds |
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— |
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12,013 |
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— |
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|
12,013 |
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Total assets |
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$ |
14,915 |
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$ |
198,499 |
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$ |
— |
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$ |
213,414 |
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There were no transfers between fair value levels during the six months ended June 30, 2025.
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