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Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The Company’s financial instruments consist primarily of cash, cash equivalents, marketable securities, accounts receivable and accounts payable. The carrying values of cash, cash equivalents, accounts receivable and accounts payable approximate their respective fair values due to the short-term nature of these instruments. Cash equivalents include amounts held in money market accounts that are measured at fair value using observable market prices. Marketable securities include debt securities that are measured at fair value using observable inputs.

The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2. Significant other inputs that are directly or indirectly observable in the marketplace.

Level 3. Significant unobservable inputs that are supported by little or no market activity.

The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. The following table summarizes the Company’s financial assets measured at fair value as of December 31, 2024 and 2023 and indicates the fair value hierarchy of the valuation:
Fair Value at Reporting Date Using
(in thousands)December 31, 2024Level 1Level 2Level 3
Assets:
Cash equivalents(1)
$62,434 $62,434 $— $— 
Marketable securities:
  Corporate bonds4,368 — 4,368 — 
  Commercial paper1,580 — 1,580 — 
  U.S. Treasury debt securities15,427 15,427 — — 
Total marketable securities21,375 15,427 5,948 — 
    Total Assets$83,809 $77,861 $5,948 $— 
(1) Includes insured cash sweep account, cash sweep account, money market account and money market funds that have investments primarily in U.S. Government Agency debt, U.S. Treasury debt, U.S. Treasury Repurchase Agreements, U.S. Government Agency Repurchase Agreements, and corporate bonds that have a maturity of three months or less from the original acquisition date.


Fair Value at Reporting Date Using
(in thousands)December 31, 2023Level 1Level 2Level 3
Assets:
Cash equivalents(1)
$34,463 $34,463 $— $— 
Marketable securities:
Corporate bonds16,206 — 16,206 — 
Commercial paper7,279 — 7,279 — 
U.S. government-sponsored enterprise securities3,500 — 3,500 — 
U.S. Treasury debt securities22,067 22,067 — — 
International debt securities2,144 — 2,144 — 
Total marketable securities51,196 22,067 29,129 — 
    Total Assets$85,659 $56,530 $29,129 $— 
(1) Includes insured cash sweep account, cash sweep account, money market account and money market funds that have investments primarily in U.S. Government Agency debt, U.S. Treasury debt, U.S. Treasury Repurchase Agreements, U.S. Government Agency Repurchase Agreements and corporate bonds that have a maturity of three months or less from the original acquisition date.