Fair Value Measurements

9 Months Ended

Sep. 30, 2025

The following tables show the Company’s cash, cash equivalents, and short-term investments by significant investment category as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-term Investments
Cash	$	6,190	$	—	$	—	$	6,190	$	6,190	$	—
Level 1:
Money market funds	15,673		—		—		15,673		15,673		—

Level 2(1):
Commercial paper	11,505		4		—		11,509		3,488		8,021
Corporate debt	3,992		1		—		3,993		—		3,993

U.S. treasury securities	21,329		7		—		21,336		—		21,336
Subtotal	36,826		12		—		36,838		3,488		33,350
Total	$	58,689	$	12	$	—	$	58,701	$	25,351	$	33,350


	December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-term Investments
Cash	$	3,284	$	—	$	—	$	3,284	$	3,284	$	—
Level 1:
Money market funds	15,980		—		—		15,980		15,980		—

Level 2(1):
Commercial paper	6,768		1		—		6,769		—		6,769
Corporate debt	17,187		8		(15)		17,180		—		17,180
U.S. agency securities	1,989		2		—		1,991		—		1,991
U.S. treasury securities	28,198		56		—		28,254		—		28,254
Subtotal	54,142		67		(15)		54,194		—		54,194
Total	$	73,406	$	67	$	(15)	$	73,458	$	19,264	$	54,194

(1) The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments uses inputs that are either directly or indirectly observable for the asset through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

We limit the credit risk associated with our cash equivalents and short-term investments by placing them with banks and institutions we believe are highly credit-worthy and investing in highly-rated investments. As of September 30, 2025 and December 31, 2024, the contractual maturity of all investments held was less than one year.

During the three and nine months ended September 30, 2025 and 2024, we did not recognize any significant credit losses nor other-than-temporary impairment losses on our short-term investments.