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Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Measurements

Fair Value Measurements

3.Fair Value Measurements

The carrying amounts reflected in the unaudited condensed consolidated balance sheets for cash, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. Items measured at fair value on a recurring basis include cash equivalents and short-term investments as of September 30, 2025 and December 31, 2024.

The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of September 30, 2025

​

​

Quoted Prices

​

Significant

​

Significant

​

​

​

​

in Active

​

Observable

​

Unobservable

​

​

​

​

Markets

​

Inputs

​

Inputs

​

​

​

(Level 1)

(Level 2)

(Level 3)

Total

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents:

​

​

​

​

​

​

​

​

​

​

​

​

Money market funds

​

$

47,665

​

$

—

​

$

—

​

$

47,665

Treasury bills

​

​

24,934

​

​

—

​

​

—

​

​

24,934

Short-term investments:

​

​

​

​

​

​

​

​

​

​

​

​

Treasury bills

​

​

74,274

​

​

—

​

​

—

​

​

74,274

Treasury notes

​

​

47,297

​

​

—

​

​

—

​

​

47,297

Corporate debt securities

​

​

—

​

​

9,870

​

​

—

​

​

9,870

Total

​

$

194,170

​

$

9,870

​

$

—

​

$

204,040

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2024

​

​

Quoted Prices

​

Significant

​

Significant

​

​

​

​

in Active

​

Observable

​

Unobservable

​

​

​

​

Markets

​

Inputs

​

Inputs

​

​

​

(Level 1)

(Level 2)

(Level 3)

Total

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents:

​

​

​

​

​

​

​

​

​

​

​

​

Money market funds

​

$

30,610

​

$

—

​

$

—

​

$

30,610

Short-term investments:

​

​

​

​

​

​

​

​

​

​

​

​

Treasury notes

​

​

129,197

​

​

—

​

​

—

​

​

129,197

Reverse repurchase agreements

​

​

—

​

​

100,000

​

​

—

​

​

100,000

Treasury bills

​

​

39,115

​

​

—

​

​

—

​

​

39,115

Total

​

$

198,922

​

$

100,000

​

$

—

​

$

298,922

​

There were no changes to the valuation methods used or transfers between Level 1, Level 2, and Level 3 during the three and nine months ended September 30, 2025 and 2024.

X

- References

No definition available.

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- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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