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Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 3 – Fair Value Measurements

The FASB Codification defines fair value and establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy under the FASB Codification are: Level 1 – valuations that are based on quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; Level 2 – valuations that are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly; and Level 3 – valuations that require inputs that are both significant to the fair value measurement and unobservable.

Cash and cash equivalents, which primarily include money market mutual funds were $7.3 million and $13.0 million as of June 30, 2025 and December 31, 2024, respectively. Marketable securities, which consists of U.S. Treasuries, were $16.4 million and $14.9 million as of June 30, 2025 and December 31, 2024, respectively. Our assets and liabilities that are measured at fair value on a recurring basis included the following (in thousands):

 

 

 

Fair Value Measurement at June 30, 2025 Using:

 

 

 

Quoted
Prices in
Active
Markets for
Identical
Assets

 

 

Significant
Other
Observable
Inputs

 

 

Significant
Unobservable
Inputs

 

 

Total

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (included in
   cash and cash equivalents)

 

$

6,669

 

 

$

—

 

 

$

—

 

 

$

6,669

 

Marketable securities

 

 

16,379

 

 

 

—

 

 

 

—

 

 

 

16,379

 

Total assets

 

$

23,048

 

 

$

—

 

 

$

—

 

 

$

23,048

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurement at December 31,
2024 Using:

 

 

 

Quoted
Prices in
Active
Markets for
Identical
Assets

 

 

Significant
Other
Observable
Inputs

 

 

Significant
Unobservable
Inputs

 

 

Total

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

  Money market funds (included in
   cash and cash equivalents)

 

$

10,671

 

 

$

—

 

 

$

—

 

 

$

10,671

 

  Marketable securities

 

 

14,842

 

 

 

—

 

 

 

—

 

 

 

14,842

 

Total assets

 

$

25,513

 

 

$

—

 

 

$

—

 

 

$

25,513

 

 

Our investments in marketable securities are classified as available-for-sale and are carried at fair value, with the unrealized gains and losses, net of tax, reported as a component of accumulated other comprehensive loss in stockholders' equity.

 

Marketable securities by security type consisted of the following (in thousands):

 

 

 

June 30, 2025:

 

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

U.S. Treasury notes and bonds

 

$

16,081

 

 

$

300

 

 

$

(2

)

 

$

16,379

 

 

 

$

16,081

 

 

$

300

 

 

$

(2

)

 

$

16,379

 

 

 

 

December 31, 2024:

 

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

U.S. Treasury notes and bonds

 

$

14,591

 

 

$

260

 

 

$

(9

)

 

$

14,842

 

 

$

14,591

 

 

$

260

 

 

$

(9

)

 

$

14,842