Fair Value (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on a Recurring Basis

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.