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

5. Fair Value Measurements

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):

 

 

Fair Value Measurements at June 30, 2025 Using:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

22,072

 

 

$

—

 

 

$

—

 

 

$

22,072

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

47,223

 

 

 

—

 

 

 

—

 

 

 

47,223

 

Corporate bonds

 

 

—

 

 

 

105,009

 

 

 

—

 

 

 

105,009

 

U.S. government agency debt securities

 

 

—

 

 

 

12,491

 

 

 

—

 

 

 

12,491

 

Total marketable securities

 

 

47,223

 

 

 

117,500

 

 

 

—

 

 

 

164,723

 

Total assets

 

$

69,295

 

 

$

117,500

 

 

$

—

 

 

$

186,795

 

 

 

 

Fair Value Measurements at December 31, 2024 Using:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

85,612

 

 

$

—

 

 

$

—

 

 

$

85,612

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

54,307

 

 

 

—

 

 

 

—

 

 

 

54,307

 

Corporate bonds

 

 

—

 

 

 

67,492

 

 

 

—

 

 

 

67,492

 

U.S. government agency debt securities

 

 

—

 

 

 

3,501

 

 

 

—

 

 

 

3,501

 

Total marketable securities

 

 

54,307

 

 

 

70,993

 

 

 

—

 

 

 

125,300

 

Total assets

 

$

139,919

 

 

$

70,993

 

 

$

—

 

 

$

210,912

 

Cash equivalents and U.S. Treasury securities were valued by the Company based on quoted market prices for identical securities, which represent a Level 1 measurement within the fair value hierarchy. Corporate bonds and agency securities were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy. There were no transfers into or out of Level 3 for any of the periods presented.