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

Note 8.  Fair Value Measurements

 

A three-level valuation hierarchy, based upon observable and unobservable inputs, is used for fair value measurements. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions based on the best evidence available. These two types of inputs create the following fair value hierarchy:

 

·Level 1 – Quoted prices for identical instruments in active markets
·Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose significant inputs are observable
·Level 3 – Instruments with model-derived valuations whose significant inputs are unobservable

 

Cash and cash equivalents include cash on hand, cash in banks, and short-term, highly liquid investments with maturities of three months or less. Short-term investments with maturities of over three and up to twelve months are recorded in Short-term investments on the Condensed Consolidated Balance Sheets.

 

The following table presents the fair value of the Company’s cash and cash equivalents and short-term investments and their corresponding level within the fair value hierarchy:

                
   June 30, 2025  December 31, 2024
   Level  Amount   Level  Amount 
Cash and cash equivalents                
Cash     $5,693      $8,515 
Money market funds  1   1,018   1   10 
United States Treasury securities  1   –   1   – 
Total     $6,711      $8,525 
                 
Short-term investments                
United States Treasury securities  1  $6,070   1  $6,940 
Total     $6,070       6,940 
                 
Total cash and cash equivalents and short-term investments     $12,781      $15,465 

 

As of June 30, 2025 and December 31, 2024, the fair value of cash equivalents and short-term investments approximated their cost.