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Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 2024
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy to determine such fair value as of December 31, 2024 and 2023 (in thousands):

 

 

 

 

Fair Value Measurements at December 31, 2024:

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

38,442

 

 

$

38,442

 

 

$

 

 

$

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

129,730

 

 

 

129,730

 

 

 

 

 

 

 

U.S. government-sponsored enterprise securities

 

 

9,932

 

 

 

 

 

 

9,932

 

 

 

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

5,089

 

 

 

5,089

 

 

 

 

 

 

 

Total assets

 

$

183,193

 

 

$

173,261

 

 

$

9,932

 

 

$

 

 

 

 

 

 

Fair Value Measurements at December 31, 2023:

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

31,191

 

 

$

31,191

 

 

$

 

 

$

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

41,473

 

 

 

41,473

 

 

 

 

 

 

 

U.S. government-sponsored enterprise securities

 

 

49,970

 

 

 

 

 

 

49,970

 

 

 

 

Total assets

 

$

122,634

 

 

$

72,664

 

 

$

49,970

 

 

$