v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company measures cash, cash equivalents and short-term investments at fair value on a recurring basis. The fair values of such assets were as follows (in thousands):
Fair Value Measurements at Reporting Date Using
Balance at June 30, 2025Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable Inputs
(Level 3)
Money market funds$9,564 $9,564 $— $— 
U.S. treasury bills9,928 9,928 — — 
U.S. government agency obligations8,917 — 8,917 — 
U.S. corporate debt securities3,382 — 3,382 — 
U.S. commercial paper6,930 — 6,930 — 
Foreign commercial paper1,979 — 1,979 — 
Total$40,700 $19,492 $21,208 $— 
Fair Value Measurements at Reporting Date Using
Balance at December 31, 2024Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable Inputs
(Level 3)
Money market funds$43,090 $43,090 $— $— 
U.S. treasury bills5,936 5,936 — — 
U.S. government agency obligations8,325 — 8,325 — 
U.S. corporate debt securities1,387 — 1,387 — 
U.S. commercial paper1,831 — 1,831 — 
Foreign commercial paper980 — 980 — 
Total$61,549 $49,026 $12,523 $— 
We have not transferred any investment securities between the three levels of the fair value hierarchy.
As of June 30, 2025, short-term investments included $31.1 million of available-for-sale securities with contractual maturities of three months to one year. As of December 31, 2024, cash equivalents included $3.0 million of available-for-sale securities with contractual maturities of three months or less and short-term investments included $15.5 million of available-for-sale securities with contractual maturities of three months to one year. The money market funds as of June 30, 2025 and December 31, 2024 are included in cash and cash equivalents on the unaudited condensed consolidated balance sheets.
The Company’s cash equivalents and short-term investment securities are classified within the fair value hierarchy as defined by authoritative guidance. The Company’s investment securities classified as Level 1 are valued using quoted market prices. The Company obtains the fair value of its Level 2 financial instruments from third-party pricing services. The pricing services utilize industry standard valuation models whereby all significant inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, or other market-related data, are observable. The Company validates the prices provided by the third-party pricing services by reviewing their pricing methods and matrices and obtaining market values from other pricing sources. After completing the validation procedures, the Company did not adjust or override any fair value measurements provided by these pricing services as of June 30, 2025 or December 31, 2024. The Company does not have any investments classified as Level 3.