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Fair Value Measurement (Tables)
9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
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 September 30, 2025 and December 31, 2024 (in thousands):

 

 

 

 

Fair Value Measurements at September 30, 2025:

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

33,602

 

 

$

33,602

 

 

$

 

 

$

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

83,838

 

 

 

83,838

 

 

 

 

 

 

 

U.S. government-sponsored enterprise securities

 

 

10,011

 

 

 

 

 

 

10,011

 

 

 

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

5,108

 

 

 

5,108

 

 

 

 

 

 

 

Total assets

 

$

132,559

 

 

$

122,548

 

 

$

10,011

 

 

$

 

 

 

 

 

 

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

 

 

$