v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3. Fair Value Measurements

The following tables present the financial instruments carried at fair value on a recurring basis as of September 30, 2025 and December 31, 2024, respectively, in accordance with the FASB ASC 820 hierarchy (in thousands):

 

 

September 30, 2025

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

Money market funds

$

25

 

 

$

—

 

 

$

—

 

 

$

25

 

Marketable debt securities

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

67,337

 

 

 

—

 

 

 

—

 

 

 

67,337

 

Total

$

67,362

 

 

$

—

 

 

$

—

 

 

$

67,362

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

Money market funds

$

9,491

 

 

$

—

 

 

$

—

 

 

$

9,491

 

Marketable debt securities

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

107,458

 

 

 

—

 

 

 

—

 

 

 

107,458

 

Total

$

116,949

 

 

$

—

 

 

$

—

 

 

$

116,949

 

 

The Company’s cash equivalents represent deposits in a short-term money market fund quoted in an active market and are classified as Level 1 assets. Marketable debt securities include investments in United States Treasury securities and are classified as Level 1 assets as they are valued using quoted prices in active markets. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the periods presented.