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

3. Fair Value Measurements

The Company’s cash, cash equivalents, marketable securities, and restricted cash are carried at fair value, determined according to the fair value hierarchy discussed in Note 2. The carrying values of the Company's prepaid expenses and other current assets, accounts payable, and accrued liabilities, approximate fair value due to their short maturities.

The following tables present the Company’s fair value hierarchy for its assets that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value (in thousands):

 

 

 

 

Fair Value Measurements at
June 30, 2025 Using:

 

 

Total

 

 

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

 

 

Significant
Other
Observable
Inputs
    (Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

52,536

 

 

$

52,536

 

 

$

—

 

 

$

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury notes

 

 

65,410

 

 

 

65,410

 

 

 

—

 

 

 

—

 

U.S government agency bonds

 

 

35,460

 

 

 

—

 

 

 

35,460

 

 

 

—

 

Total

 

$

153,406

 

 

$

117,946

 

 

$

35,460

 

 

$

—

 

 

 

 

 

 

Fair Value Measurements at
December 31, 2024 Using:

 

 

Total

 

 

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

 

 

Significant
Other
Observable
Inputs
    (Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

149,193

 

 

$

149,193

 

 

$

—

 

 

$

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury notes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

U.S government agency bonds

 

 

16,965

 

 

 

—

 

 

 

16,965

 

 

 

—

 

Total

 

$

166,158

 

 

$

149,193

 

 

$

16,965

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The money market funds were valued by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy.

As of June 30, 2025, the Company’s marketable securities consisted of U.S. Treasury notes which were valued based on Level 1 inputs and U.S. government agency bonds which were valued based on Level 2 inputs. In determining the fair value of its agency bonds, the Company relied on quoted prices for similar securities in active markets or other inputs that are observable or can be corroborated by observable market data.

None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented.