v3.25.2
Fair Value Measurement
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
The fair value of cash and cash equivalents approximates carrying value since cash and cash equivalents consist of short-term highly liquid investments with maturities of less than three months at the time of purchase. Cash and cash equivalents are valued based upon quoted market prices in active markets for identical assets and are therefore classified as Level 1 assets. Money market funds are open-end mutual funds that invest in cash, government securities, and/or repurchase agreements that are collateralized fully. To the extent that these funds are valued based upon the reported net asset value, they are categorized in Level 1 of the fair value hierarchy.
Short-term marketable securities and long-term investments consisted of U.S. Treasury bills that are classified within Level 2 of the fair value hierarchy are valued based on other observable inputs, including broker or dealer quotations, alternative pricing sources or U.S. Government Treasury yield of appropriate term.
The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring and nonrecurring basis:
As of June 30, 2025
Level 1Level 2Level 3Total
(In thousands)
Financial Assets
Money market funds$5,593 $— $— $5,593 
U.S. Treasury bills— 95,794 — 95,794 
Total$5,593 $95,794 $— $101,387 
Financial Liabilities
Contingent consideration$— $— $948 $948 
As of December 31, 2024
Level 1Level 2Level 3Total
(In thousands)
Financial Assets
Money market funds$5,632 $— $— $5,632 
U.S. Treasury bills— 104,510 — 104,510 
Total$5,632 $104,510 $— $110,142 
Financial Liabilities
Contingent consideration$— $— $948 $948 
There were no transfers in or out of Level 1, 2 and 3 measurements for the six months ended June 30, 2025 and the year ended December 31, 2024. As of June 30, 2025 and December 31, 2024, there were no securities within Level 3 of the fair value hierarchy.
As of June 30, 2025 and December 31, 2024, the fair value of the Company’s Loan (as defined in Note 8) was $87.4 million and $84.7 million, respectively. The fair value was determined on the basis of its net present value and is considered Level 2 in the fair value hierarchy.