v3.25.3
Fair Value Measurement
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement

3. Fair Value Measurement

The following table sets forth the recurring fair value of the Company’s financial assets and liabilities, allocated into the Level 1, Level 2 and Level 3 hierarchy that were measured at fair value on a recurring basis (in thousands):

 

 

Fair Value Measurements as of September 30, 2025

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

31,193

 

 

$

—

 

 

$

—

 

 

$

31,193

 

U.S. government treasury bills (2)

 

 

58,967

 

 

 

—

 

 

 

—

 

 

 

58,967

 

Commercial paper

 

 

—

 

 

 

16,112

 

 

 

 

 

 

16,112

 

Corporate bonds

 

 

—

 

 

 

56,075

 

 

 

—

 

 

 

56,075

 

Total financial assets

 

$

90,160

 

 

$

72,187

 

 

$

—

 

 

$

162,347

 

 

 

Fair Value Measurements as of December 31, 2024

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

27,485

 

 

$

—

 

 

$

—

 

 

$

27,485

 

U.S. government treasury bills

 

 

12,562

 

 

 

—

 

 

 

—

 

 

 

12,562

 

Commercial paper

 

 

—

 

 

 

1,744

 

 

 

—

 

 

 

1,744

 

Corporate bonds

 

 

—

 

 

 

4,261

 

 

 

—

 

 

 

4,261

 

Total financial assets

 

$

40,047

 

 

$

6,005

 

 

$

—

 

 

$

46,052

 

 

(1)
Included in cash and cash equivalents in the accompanying condensed balance sheets.
(2)
Includes investments classified as cash and cash equivalents in the accompanying balance sheets.

As of September 30, 2025, corporate bonds had contractual maturities of greater than one year and less than two years. All other marketable securities had contractual maturities of less than one year.