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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Fair Value Measurements

5. FAIR VALUE MEASUREMENTS

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):

 

 

Fair Value Measured as of

 

 

 

December 31, 2024

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds(1)

 

$

33,204

 

 

$

—

 

 

$

—

 

 

$

33,204

 

US government and agency

 

 

—

 

 

 

23,636

 

 

 

—

 

 

 

23,636

 

Total cash, cash equivalents and restricted cash

 

$

33,204

 

 

$

23,636

 

 

$

—

 

 

$

56,840

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes and bonds

 

 

—

 

 

 

43,868

 

 

 

—

 

 

 

43,868

 

US government and agency

 

 

—

 

 

 

242,028

 

 

 

—

 

 

 

242,028

 

Total short-term investments

 

$

—

 

 

$

285,896

 

 

$

—

 

 

$

285,896

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes and bonds

 

 

—

 

 

 

1,924

 

 

 

—

 

 

 

1,924

 

US government and agency

 

 

—

 

 

 

21,621

 

 

 

—

 

 

 

21,621

 

Total long-term investments

 

$

—

 

 

$

23,545

 

 

$

—

 

 

$

23,545

 

Total assets

 

$

33,204

 

 

$

333,077

 

 

$

—

 

 

$

366,281

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Public warrants

 

$

70,688

 

 

$

—

 

 

$

—

 

 

$

70,688

 

 

 

Fair Value Measured as of

 

 

 

December 31, 2023

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds(1)

 

$

25,131

 

 

$

—

 

 

$

—

 

 

$

25,131

 

US government and agency

 

 

—

 

 

 

12,950

 

 

 

—

 

 

 

12,950

 

Total cash, cash equivalents and restricted cash

 

$

25,131

 

 

$

12,950

 

 

$

—

 

 

$

38,081

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

—

 

 

 

16,360

 

 

 

—

 

 

 

16,360

 

Corporate notes and bonds

 

 

—

 

 

 

130,423

 

 

 

—

 

 

 

130,423

 

Municipal bonds

 

 

—

 

 

 

4,947

 

 

 

—

 

 

 

4,947

 

US government and agency

 

 

—

 

 

 

168,046

 

 

 

—

 

 

 

168,046

 

Total short-term investments

 

$

—

 

 

$

319,776

 

 

$

—

 

 

$

319,776

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes and bonds

 

 

—

 

 

 

44,554

 

 

 

—

 

 

 

44,554

 

US government and agency

 

 

—

 

 

 

55,935

 

 

 

—

 

 

 

55,935

 

Total long-term investments

 

$

—

 

 

$

100,489

 

 

$

—

 

 

$

100,489

 

Total assets

 

$

25,131

 

 

$

433,215

 

 

$

—

 

 

$

458,346

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Public warrants

 

$

23,004

 

 

$

—

 

 

$

—

 

 

$

23,004

 

 

(1)
Includes money market funds associated with the Company’s overnight investment sweep account and cash collateralizing the Company's letter of credit and corporate credit cards.

Transfers to/from Levels 1, 2 and 3 are recognized at the beginning of the reporting period. There were no transfers between levels during the current period. On December 31, 2024, the closing trading price of the public warrants was $30.46 per warrant.