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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of the Company’s Assets and Liabilities that are Measured and Recognized at Fair Value on a Recurring Basis Classified Under the Appropriate Level of the Fair Value Hierarchy

The following table presents the Company’s assets and liabilities that are measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of December 31, 2024 and 2023:

 

 

Fair Value Measurements at
December 31, 2024

 

(in thousands)

 

Quoted Prices in Active Markets for Identical Assets and Liabilities
(Level 1)

 

 

Significant Other Observable Inputs
(Level 2)

 

 

Significant Unobservable Inputs
(Level 3)

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market fund

 

$

50,499

 

 

$

 

 

$

 

 

$

50,499

 

U.S. treasury securities

 

 

393

 

 

 

 

 

 

 

 

 

393

 

Total included in cash and cash equivalents

 

 

50,892

 

 

 

 

 

 

 

 

 

50,892

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

 

 

 

 

23,489

 

 

 

 

 

 

23,489

 

Commercial paper

 

 

 

 

 

313

 

 

 

 

 

 

313

 

U.S. treasury securities

 

 

16,474

 

 

 

 

 

 

 

 

 

16,474

 

Total available for sale investments

 

 

16,474

 

 

 

23,802

 

 

 

 

 

 

40,276

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets measured at fair value on a recurring basis

 

$

67,366

 

 

$

23,802

 

 

$

 

 

$

91,168

 

 

 

 

Fair Value Measurements at
December 31, 2023

 

(in thousands)

 

Quoted Prices in Active Markets for Identical Assets and Liabilities
(Level 1)

 

 

Significant Other Observable Inputs
(Level 2)

 

 

Significant Unobservable Inputs
(Level 3)

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market fund

 

$

21,606

 

 

$

 

 

$

 

 

$

21,606

 

Total included in cash and cash equivalents

 

 

21,606

 

 

 

 

 

 

 

 

 

21,606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale investments:

 

 

 

 

 

 

 

 

 

 

 

 

Certificate of deposit

 

 

 

 

 

8,333

 

 

 

 

 

 

8,333

 

Corporate debt securities

 

 

 

 

 

19,373

 

 

 

 

 

 

19,373

 

Commercial paper

 

 

 

 

 

6,202

 

 

 

 

 

 

6,202

 

U.S. government agencies

 

 

 

 

 

834

 

 

 

 

 

 

834

 

U.S. treasury securities

 

 

18,426

 

 

 

 

 

 

 

 

 

18,426

 

Total available for sale investments

 

 

18,426

 

 

 

34,742

 

 

 

 

 

 

53,168

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets measured at fair value on a recurring basis

 

$

40,032

 

 

$

34,742

 

 

$

 

 

$

74,774