v3.25.2
Fair Value Measurements and Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Fair Value of Financial Instruments Fair Value Measurements and Fair Value of Financial Instruments
The authoritative guidance on the fair value hierarchy for disclosure of fair value measurements is as follows:
Level 1:    Quoted prices in active markets for identical assets or liabilities.
Level 2:    Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3:    Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Level 1 securities consist of highly liquid money market funds. U.S. government and agency securities and commercial paper are valued primarily using market prices of comparable securities, bid/ask quotes, interest rate yields and prepayment spreads and are included in Level 2.
The following is a summary of the Company’s cash equivalents and short-term investments:
June 30, 2025
Amortized
Cost Basis
Unrealized
Gains
Unrealized
Losses
Estimated
Fair Value
(In thousands)
Level 1:
Money market funds
$2,151 $— $— $2,151 
Level 2:
Commercial paper
35,686 — (7)35,679 
Total cash equivalents and short-term investments37,837 — (7)37,830 
Less: Cash equivalents(35,857)— 6 (35,851)
Total short-term investments$1,980 $— $(1)$1,979 
December 31, 2024
Amortized
Cost Basis
Unrealized
Gains
Unrealized
Losses
Estimated
Fair Value
(In thousands)
Level 1:
Money market funds$165 $— $— $165 
Level 2:
Commercial paper78,500 10 (9)78,501 
U.S. government and agency securities41,210 56 — 41,266 
Total cash equivalents and short-term investments119,875 66 (9)119,932 
Less: Cash equivalents(54,901)— 8 (54,893)
Total short-term investments$64,974 $66 $(1)$65,039 
As of June 30, 2025, the stated maturities of the Company’s investments portfolio are generally less than one year. The Company classifies its investments as short-term marketable securities even though the stated maturities may be one year or more beyond the current balance sheet date as the Company has the ability to sell these securities at any time for use in current operations. The aggregate fair value of debt securities in an unrealized loss position at June 30, 2025 and December 31, 2024 was $35.7 million and $54.2 million, respectively, which are highly liquid funds with high credit ratings that have final maturities of less than two years from date of purchase. The Company has not recorded an allowance for credit losses as of June 30, 2025 and December 31, 2024 related to these securities. The accrued interest receivable on available-for-sale marketable securities was immaterial at June 30, 2025 and December 31, 2024. The Company held 17 securities that were in unrealized loss positions as of June 30, 2025. There were no individual securities that were in a significant unrealized loss position as of June 30, 2025 and December 31, 2024. The Company regularly reviews the securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, and current economic conditions. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.