| Fair Value Measurements |
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3. Fair Value Measurements A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company did not have any financial instruments recorded at fair value at December 31, 2024. The financial instruments measured at fair value on a recurring basis at December 31, 2023 in the accompanying consolidated balance sheets consist of the following (in thousands):
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Fair value measurement as of December 31, 2023 |
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Assets |
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Certificate of deposit |
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$ |
— |
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$ |
10,151 |
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$ |
— |
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$ |
10,151 |
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Total |
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$ |
— |
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$ |
10,151 |
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$ |
— |
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$ |
10,151 |
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| There have been no transfers between fair value levels during the years ended December 31, 2024 and 2023. |
| Fair Value Measurements |
3. Fair Value Measurements The following tables present information about the Company’s financial assets measured or disclosed at fair value by level within the fair value hierarchy (in thousands):
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June 30, 2025 |
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|
Quoted Prices
in Active
Markets
(Level 1) |
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Significant
Observable
Inputs
(Level 2) |
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|
Significant
Unobservable
Inputs
(Level 3) |
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Cash equivalents: |
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Money market funds |
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$ |
34,334 |
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$ |
34,334 |
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|
$ |
— |
|
|
$ |
— |
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Corporate debt securities |
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|
2,399 |
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|
|
— |
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|
|
2,399 |
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|
|
— |
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Marketable securities: |
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|
|
|
|
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Corporate debt securities |
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|
37,352 |
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|
|
— |
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|
37,352 |
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|
|
— |
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|
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|
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Total assets |
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$ |
74,085 |
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$ |
34,334 |
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$ |
39,751 |
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$ |
— |
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| |
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December 31,
2024 |
|
|
Quoted Prices
in Active
Markets
(Level 1) |
|
|
Significant
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
Cash equivalents: |
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|
|
|
|
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|
|
|
|
|
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Money market funds |
|
$ |
34,793 |
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|
$ |
34,793 |
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|
$ |
— |
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|
$ |
— |
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Marketable securities: |
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U.S. treasury securities |
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|
27,004 |
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|
|
— |
|
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|
27,004 |
|
|
|
— |
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Corporate debt securities |
|
|
57,989 |
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|
|
— |
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|
|
57,989 |
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|
|
— |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total assets |
|
$ |
119,786 |
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|
$ |
34,793 |
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|
$ |
84,993 |
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|
$ |
— |
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|
|
|
|
|
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|
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| During the three and six months ended June 30, 2025 and 2024, there were no transfers into or out of Level 3. |
3. FAIR VALUE MEASUREMENTS The following tables present information about the Company’s financial assets measured or disclosed at fair value by level within the fair value hierarchy (in thousands):
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|
|
|
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| |
|
December 31,
2024 |
|
|
Quoted
Prices in
Active
Markets
(Level 1) |
|
|
Significant
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
34,793 |
|
|
$ |
34,793 |
|
|
$ |
— |
|
|
$ |
— |
|
Marketable securities: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. treasury securities |
|
|
27,004 |
|
|
|
— |
|
|
|
27,004 |
|
|
|
— |
|
Corporate debt securities |
|
|
57,989 |
|
|
|
— |
|
|
|
57,989 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
119,786 |
|
|
$ |
34,793 |
|
|
$ |
84,993 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
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| |
|
December 31,
2023 |
|
|
Quoted
Prices in
Active
Markets
(Level 1) |
|
|
Significant
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
53,613 |
|
|
$ |
53,613 |
|
|
$ |
— |
|
|
$ |
— |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt securities |
|
|
55,571 |
|
|
|
— |
|
|
|
55,571 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
109,184 |
|
|
$ |
53,613 |
|
|
$ |
55,571 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
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| During the years ended December 31, 2024 and 2023, there were no transfers into or out of Level 3.
|