v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):
June 30, 2025
Level 1Level 2Level 3Total
Assets:
Money market funds(1)
$72,740 $— $— $72,740 
Commercial Paper
— 7,774 — 7,774 
Certificates of deposit
— 5,222 — 5,222 
Corporate debt securities— 57,172 — 57,172 
U.S. Treasury and agency securities
47,915 — — 47,915 
Total assets$120,655 $70,168 $— $190,823 
______________
(1)This balance includes cash requirements settled on a nightly basis.
December 31, 2024
Level 1
Level 2
Level 3
Total
Assets:
Money market funds(1)
$71,335$—$— $71,335 
Certificates of deposit
— 5,042— 5,042 
Corporate debt securities— 83,955— 83,955 
U.S. Treasury securities67,623—— 67,623 
Total assets$138,958$88,997$— $227,955 
______________
(1)This balance includes cash requirements settled on a nightly basis.
Money market funds and U.S. Treasury and agency securities are valued based on quoted market prices in active markets, with no valuation adjustment.
Commercial paper, certificates of deposit and corporate debt securities are valued taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities; issuer credit spreads; benchmark securities; prepayment/default projections based on historical data; and other observable inputs.
The following table summarizes the estimated value of the Company’s cash, cash equivalents and marketable securities, and the gross unrealized holding gains and losses (in thousands):
June 30, 2025
Amortized
cost		Unrealized
gains		Unrealized
losses		Estimated
fair value
Cash and cash equivalents:
Money market funds(1)
$72,740 $— $— $72,740 
Total cash and cash equivalents$72,740 $— $— $72,740 
Marketable securities:
Commercial Paper
$7,773 $1 $— $7,774 
Certificates of deposit
5,222 — — 5,222 
Corporate debt securities57,120 54 (2)57,172 
U.S. Treasury and agency securities
47,881 35 (1)47,915 
Total marketable securities$117,996 $90 $(3)$118,083 
______________
(1)This balance includes cash requirements settled on a nightly basis.
December 31, 2024
Amortized
cost		Unrealized
gains		Unrealized
losses		Estimated
fair value
Cash and cash equivalents:
Money market funds(1)
$71,335 $— $— $71,335 
Total cash and cash equivalents$71,335 $— $— $71,335 
Marketable securities:
Certificates of deposit
$5,042 $— $— $5,042 
Corporate debt securities83,855 100 — 83,955 
U.S. Treasury securities67,404 219 — 67,623 
Total marketable securities$156,301 $319 $— $156,620 
______________
(1)This balance includes cash requirements settled on a nightly basis.

As of June 30, 2025 and December 31, 2024, all securities have a maturity of 18 months or less and there were no individual securities that were in a significant unrealized loss position. The Company generally holds its marketable securities until maturity and does not intend to sell, and is not required to sell, the investments that are in an unrealized loss position before the recovery of their amortized cost basis.
The following table summarizes the change in the fair value of the embedded derivative instrument for the six months ended June 30, 2025 and 2024 (in thousands).
June 30,
20252024
Beginning balance
$570$849
Gain from changes in fair value
(210)(655)
Ending balance
$360$194
The fair value of the Company’s embedded derivative instrument is based on significant inputs not observed in the market, and thus represents a Level 3 measurement. See Note 7 for further discussion on the embedded derivative instrument.