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

8. Fair Value Measurements

 

The following table presents the fair value of financial instruments recorded originally at amortized cost or fair value and not remeasured on a recurring basis (in thousands):

 

 

June 30, 2025

 

Balance Sheet Classification

Type of Instrument

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

Money market funds

$

175,646

 

 

$

—

 

 

$

—

 

 

$

175,646

 

Total Financial Assets

 

$

175,646

 

 

$

—

 

 

$

—

 

 

$

175,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

Balance Sheet Classification

Type of Instrument

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

Money market funds

$

276,868

 

 

$

—

 

 

$

—

 

 

$

276,868

 

Total Financial Assets

 

$

276,868

 

 

$

—

 

 

$

—

 

 

$

276,868

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Company’s Convertible Notes are financial instruments that are reported in the condensed consolidated financial statements at historical cost. The Convertible Notes are Level 1 within the fair value level hierarchy as of June 30, 2025 and December 31, 2024. The fair value of the Convertible Notes was $93.7 million as of June 30, 2025 and $102.3 million as of December 31, 2024. The Convertible Notes accrue a semi-annual coupon at an annual rate of 3.5%, which was included in accrued expenses in the consolidated balance sheets as of June 30, 2025 and December 31, 2024.

 

The Company believes that the carrying amounts of remaining financial assets and liabilities, which include other current assets, accounts payable, and accrued expenses, approximates their fair values due to their short-term nature.