XML 47 R12.htm IDEA: XBRL DOCUMENT v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
 
The Company uses various inputs in determining the fair value of its investments and measures these assets on a recurring basis.  Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized by the level of objectivity associated with the inputs used to measure their fair value.  The following levels are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities:
 
•Level 1 – quoted prices in active markets for identical assets, which include U.S. treasury securities
 
•Level 2 – other significant observable inputs (including quoted prices for similar investments, market corroborated inputs, etc.), which include corporate debt securities
 
•Level 3 – significant unobservable inputs

     The inputs or methodology used for valuing securities are not necessarily an indication of the credit risk associated with investing in those securities.  The following tables provide the fair value measurements of applicable Company assets that are measured at fair value on a recurring basis according to the fair value levels defined above as of December 31, 2024 and 2023. There were no transfers between Level 1 and Level 2 during the periods presented.
 
 Assets at Fair Value
As of December 31, 2024
 Level 1Level 2Level 3Total
 (in thousands)
Cash and cash equivalents$66,656 $— $— $66,656 
Short-term investments127,990 43,311 — 171,301 
Total cash and cash equivalents and short-term investments$194,646 $43,311 $— $237,957 

 Assets at Fair Value
As of December 31, 2023
 Level 1Level 2Level 3Total
 (in thousands)
Cash and cash equivalents$22,465 $— $— $22,465 
Short-term investments141,596 5,965 — 147,561 
Total cash and cash equivalents and short-term investments$164,061 $5,965 $— $170,026 
The carrying amount of cash and cash equivalents, prepaid expenses and other assets, accounts payable and accrued expenses are generally considered to be representative of their respective fair values because of the short-term nature of those instruments. The fair value of the Oxford Term Loans (see Note 9) is determined under Level 2 in the fair value hierarchy and approximates carrying value as the loans bear interest at a rate that approximates prevailing market rates for instruments with similar characteristics.