v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
3.
Fair Value Measurements

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy described in Note 2 to the audited financial statements included in the Company’s 2024 10-K (in thousands):

 

 

 

 

 

Fair Value Measurements Using

 

As of June 30, 2025

 

Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

11,797

 

 

$

11,797

 

 

$

—

 

 

$

—

 

U.S. government obligations (2)

 

 

112,451

 

 

 

—

 

 

 

112,451

 

 

 

—

 

Total fair value of assets

 

$

124,248

 

 

$

11,797

 

 

$

112,451

 

 

$

—

 

 

(1)
Included in cash and cash equivalents on the balance sheets.
(2)
Included in short-term investments on the balance sheets.

 

 

 

 

 

Fair Value Measurements Using

 

As of December 31, 2024

 

Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

24,889

 

 

$

24,889

 

 

$

—

 

 

$

—

 

U.S. government obligations (2)

 

 

118,289

 

 

 

—

 

 

 

118,289

 

 

 

—

 

Corporate debt securities (2)

 

 

7,238

 

 

 

—

 

 

 

7,238

 

 

 

—

 

Total fair value of assets

 

$

150,416

 

 

$

24,889

 

 

$

125,527

 

 

$

—

 

 

(1)
Included in cash and cash equivalents on the balance sheets.
(2)
Included in short-term investments on the balance sheets.

The Company’s money market funds are classified as Level 1 because they are valued using quoted market prices. The Company’s investments consist of available-for-sale securities and are classified as Level 2 because their value is based on valuations using significant inputs derived from or corroborated by observable market data. No Level 3 assets were held during the periods presented.

There were no transfers of assets between fair value levels for any period presented.