XML 23 R13.htm IDEA: XBRL DOCUMENT v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

4. Fair Value Measurements

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

 

 

 

 

 

March 31, 2025

 

 

 

Valuation
Hierarchy

 

Amortized
Costs

 

 

Gross
Unrealized
Holding
Gains

 

 

Gross
Unrealized
Holding
Losses

 

 

Aggregate
Fair Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

Level 1

 

$

55,927

 

 

$

—

 

 

$

—

 

 

$

55,927

 

U.S. Treasury securities

 

Level 1

 

 

1,996

 

 

 

—

 

 

 

—

 

 

 

1,996

 

Corporate debt

 

Level 2

 

 

1,820

 

 

 

—

 

 

 

—

 

 

 

1,820

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

Level 1

 

 

53,865

 

 

 

48

 

 

 

—

 

 

 

53,913

 

U.S. government-sponsored enterprises
   debt securities

 

Level 2

 

 

3,999

 

 

 

3

 

 

 

—

 

 

 

4,002

 

Corporate debt

 

Level 2

 

 

53,199

 

 

 

34

 

 

 

(1

)

 

 

53,232

 

Commercial paper

 

Level 2

 

 

1,923

 

 

 

4

 

 

 

—

 

 

 

1,927

 

Total cash equivalents and
   short-term investments

 

 

 

$

172,729

 

 

$

89

 

 

$

(1

)

 

$

172,817

 

 

 

 

 

 

December 31, 2024

 

 

 

Valuation
Hierarchy

 

Amortized
Costs

 

 

Gross
Unrealized
Holding
Gains

 

 

Gross
Unrealized
Holding
Losses

 

 

Aggregate
Fair Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

Level 1

 

$

110,979

 

 

$

—

 

 

$

—

 

 

$

110,979

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

 

Level 2

 

 

34,629

 

 

 

43

 

 

 

(1

)

 

 

34,671

 

Total cash equivalents and
   short-term investments

 

 

 

$

145,608

 

 

$

43

 

 

$

(1

)

 

$

145,650

 

 

As of March 31, 2025, the remaining contractual maturities for available-for-sale securities were one month to seventeen months.

The following tables present the breakdown of the available-for-sale debt securities with unrealized losses as of March 31, 2025, and December 31, 2024 (in thousands):

 

 

March 31, 2025

 

 

 

Unrealized losses less than 12 months

 

 

Unrealized losses 12 months or greater

 

 

Total

 

 

 

Fair Value

 

 

Unrealized Losses

 

 

Fair Value

 

 

Unrealized Losses

 

 

Fair Value

 

 

Unrealized Losses

 

Corporate debt

 

$

10,517

 

 

$

(1

)

 

$

—

 

 

$

—

 

 

$

10,517

 

 

$

(1

)

Total

 

$

10,517

 

 

$

(1

)

 

$

—

 

 

$

—

 

 

$

10,517

 

 

$

(1

)

 

 

 

December 31, 2024

 

 

 

Unrealized losses less than 12 months

 

 

Unrealized losses 12 months or greater

 

 

Total

 

 

 

Fair Value

 

 

Unrealized Losses

 

 

Fair Value

 

 

Unrealized Losses

 

 

Fair Value

 

 

Unrealized Losses

 

Corporate debt

 

 

2,994

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

2,994

 

 

 

(1

)

Total

 

$

2,994

 

 

$

(1

)

 

$

—

 

 

$

—

 

 

$

2,994

 

 

$

(1

)

The unrealized losses on the Company’s available-for-sale debt securities were caused by interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. As of March 31, 2025, the Company does not intend to sell the investments, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity. Additional factors considered in determining the treatment of unrealized losses include the financial condition and near-term prospects of the investee, the extent of the loss related to the credit of the issuer, and the expected cash flows from the security. For the three months ended March 31, 2025 and 2024, the Company did not recognize credit loss related to available-for-sales debt securities.