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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Classifications of Fair Value Hierarchy

We classify the inputs used to measure fair value into the following hierarchy:

Level 1			Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2			Unadjusted quoted prices in active markets for similar assets or liabilities; unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability.
Level 3			Unobservable inputs for the asset or liability.

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

Our financial assets measured at fair value on a recurring basis are summarized below by their classification within the fair value hierarchy as follows (in thousands):

			June 30, 2025
			Carrying Value						Level 1						Level 2						Level 3						Total
Assets
Cash equivalents
Money market funds			$	10,028					$	10,028					$	—					$	—					$	10,028
Commercial paper			46,480						—						46,480						—						46,480
Government securities			2,983						—						2,983						—						2,983
Short-term marketable securities
Commercial paper			9,358						—						9,358						—						9,358
Government securities			29,922						—						29,922						—						29,922
Total assets measured at fair value			$	98,771					$	10,028					$	88,743					$	—					$	98,771

			December 31, 2024
			Carrying Value						Level 1						Level 2						Level 3						Total
Assets
Cash equivalents
Money market funds			$	15,090					$	15,090					$	—					$	—					$	15,090
Commercial paper			10,562						—						10,562						—						10,562
Government securities			2,618						—						2,618						—						2,618
Short-term marketable securities
Commercial paper			17,799						—						17,799						—						17,799
Government securities			25,244						—						25,244						—						25,244
Total assets measured at fair value			$	71,313					$	15,090					$	56,223					$	—					$	71,313

Schedule of Cash Equivalents and Available for Sale Debt Securities by Contractual Maturity

The following table summarizes our cash equivalents and available for sale debt securities by contractual maturity (in thousands):

			As of June 30, 2025												As of December 31, 2024
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Due in 1 year			$	98,782					$	98,771					$	71,297					$	71,313

Schedule of Unrealized Gains and Losses on Available for Sale Debt Securities

Unrealized gains and losses on available for sale debt securities that are not credit related are included in accumulated other comprehensive loss and summarized as follows (in thousands):

			June 30, 2025
			Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
Cash equivalents
Money market funds			$	10,028					$	—					$	—					$	10,028
Commercial paper			46,489						—						(9)						46,480
Government securities			2,982						1						—						2,983
Short-term marketable securities
Commercial paper			9,359						—						(1)						9,358
Government securities			29,924						—						(2)						29,922
Total			$	98,782					$	1					$	(12)					$	98,771

			December 31, 2024
			Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
Cash equivalents
Money market funds			$	15,090					$	—					$	—					$	15,090
Commercial paper			10,565						—						(3)						10,562
Government securities			2,618						—						—						2,618
Short-term marketable securities
Commercial paper			17,792						7						—						17,799
Government securities			25,232						12						—						25,244
Total			$	71,297					$	19					$	(3)					$	71,313

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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-Topic 320
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-Topic 320
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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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