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Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

4. Fair Value Measurements

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis:

 

 

March 31, 2025

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

49,813

 

 

$

—

 

 

$

—

 

 

$

49,813

 

Marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

 

—

 

 

 

9,988

 

 

 

—

 

 

 

9,988

 

Total marketable securities

 

 

—

 

 

 

9,988

 

 

 

—

 

 

 

9,988

 

Restricted cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

2,413

 

 

 

—

 

 

 

—

 

 

 

2,413

 

Total

 

$

52,226

 

 

$

9,988

 

 

$

—

 

 

$

62,214

 

 

 

 

December 31, 2024

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

81,718

 

 

$

—

 

 

$

—

 

 

$

81,718

 

Marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

 

—

 

 

 

9,977

 

 

 

—

 

 

 

9,977

 

Total marketable securities

 

 

—

 

 

 

9,977

 

 

 

—

 

 

 

9,977

 

Restricted cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

2,413

 

 

 

—

 

 

 

—

 

 

 

2,413

 

Total

 

$

84,131

 

 

$

9,977

 

 

$

—

 

 

$

94,108

 

The fair value of the Company’s cash equivalents and restricted cash equivalents is based on quoted market prices in active markets with no valuation adjustment. The fair value of marketable securities was determined based on observable market inputs. There were no transfers between levels during the three months ended March 31, 2025.

Prepaid expenses, accounts payable and accrued expenses are stated at their respective historical carrying values, which approximate fair value due to their short-term nature.