v3.25.1
Fair Value
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value

4. Fair Value

The following tables provide a summary of the assets that are measured at fair value on a recurring basis as of December 31, 2024 and December 31, 2023 (in thousands):

 

 

 

Fair Value Measurements as of
December 31, 2024

 

Cash, cash equivalents and short-term investments

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash

 

$

1,464

 

 

$

—

 

 

$

—

 

 

$

1,464

 

Money Market Funds

 

 

20,780

 

 

 

-

 

 

 

-

 

 

 

20,780

 

U.S. Treasury Bills

 

 

-

 

 

 

36,121

 

 

 

-

 

 

 

36,121

 

Total

 

$

22,244

 

 

$

36,121

 

 

$

—

 

 

$

58,365

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements as of
December 31, 2023

 

Cash and cash equivalents

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash

 

$

6,275

 

 

$

—

 

 

$

—

 

 

$

6,275

 

Money Market Funds

 

 

5,686

 

 

 

-

 

 

 

-

 

 

 

5,686

 

U.S. Treasury Bills

 

 

-

 

 

 

25,164

 

 

 

-

 

 

 

25,164

 

Total

 

$

11,961

 

 

$

25,164

 

 

$

—

 

 

$

37,125

 

 

Money market funds are valued at the closing price reported by the fund sponsor from an actively traded exchange. Money market funds and U.S. Treasury bills were included as cash and cash equivalents in the consolidated balance sheet as of December 31, 2023. The Company's U.S Treasury Bills are included in short-term investments as of December 31, 2024, due to an original maturity greater than 90 days. The Company obtains the fair value of its Level 2 cash equivalents from third-party pricing services. The pricing services utilize industry standard valuation models whereby all significant inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, or other market-related data, are observable.