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Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

3. Fair Value of Financial Instruments

The following tables summarize the Company’s assets that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands):

 

 

 

 

 

 

Fair Value Measurements Using

 

 

 

 

 

 

Quoted Prices in

 

 

Significant

 

 

Significant

 

 

 

 

 

 

Active Markets

 

 

Other

 

 

Unobservable

 

 

 

June 30,

 

 

for Identical

 

 

Observable

 

 

Inputs

 

 

 

2025

 

 

Assets (Level 1)

 

 

Inputs (Level 2)

 

 

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money Market funds (a)

 

$

10,265

 

 

$

10,265

 

 

$

-

 

 

$

-

 

Total assets at fair value

 

$

10,265

 

 

$

10,265

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements Using

 

 

 

 

 

 

Quoted Prices in

 

 

Significant

 

 

Significant

 

 

 

 

 

 

Active Markets

 

 

Other

 

 

Unobservable

 

 

 

December 31,

 

 

for Identical

 

 

Observable

 

 

Inputs

 

 

 

2024

 

 

Assets (Level 1)

 

 

Inputs (Level 2)

 

 

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money Market funds (a)

 

$

14,457

 

 

$

14,457

 

 

$

-

 

 

$

-

 

U.S. treasury securities (b)

 

 

4,490

 

 

 

4,490

 

 

 

-

 

 

 

-

 

Total assets at fair value

 

$

18,947

 

 

$

18,947

 

 

$

-

 

 

$

-

 

 

(a) Money Market funds included in cash and cash equivalents in the condensed consolidated balance sheets, are valued at quoted market prices in active markets.

(b) U.S. treasury securities included in short-term investments in the condensed consolidated balance sheets, are recorded at fair market value, which is determined based on the most recent observable inputs for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable.

The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, prepaid and other current assets, accounts payable, and accrued liabilities, approximate fair value due to their short maturities.

 

The Company did not hold any Level 1, 2 or 3 financial liabilities that are recorded at fair value on a recurring basis as of June 30, 2025 or December 31, 2024.