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Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3. Fair Value Measurements

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 September 30, 2025, and December 31, 2024:

 

 

Fair Value Measurements at
September 30, 2025

 

(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

 

$

9,176

 

 

$

—

 

 

$

—

 

 

$

9,176

 

Corporate debt securities

 

 

—

 

 

 

474

 

 

 

—

 

 

 

474

 

Total included in cash and cash equivalents

 

 

9,176

 

 

 

474

 

 

 

—

 

 

 

9,650

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

 

—

 

 

 

30,417

 

 

 

—

 

 

 

30,417

 

Commercial paper

 

 

—

 

 

 

393

 

 

 

—

 

 

 

393

 

U.S. government agencies

 

 

—

 

 

 

4,754

 

 

 

—

 

 

 

4,754

 

U.S. treasury securities

 

 

14,892

 

 

 

—

 

 

 

—

 

 

 

14,892

 

Total available for sale investments

 

 

14,892

 

 

 

35,564

 

 

 

—

 

 

 

50,456

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets measured at fair value on a recurring basis

 

$

24,068

 

 

$

36,038

 

 

$

—

 

 

$

60,106

 

 

 

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

 

 

The Company’s policy is to recognize transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no transfers into or out of Level 3 during the nine months ended September 30, 2025, and 2024.