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

5. Fair Value Measurements

The fair values of the Company’s financial assets that are measured on a recurring basis are as follows (in thousands):

 

 

June 30, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Money market funds

 

$

5,296

 

 

$

—

 

 

$

—

 

 

$

5,296

 

Commercial paper

 

 

—

 

 

 

12,082

 

 

 

—

 

 

 

12,082

 

U.S. government bonds

 

 

3,190

 

 

 

1,295

 

 

 

—

 

 

 

4,485

 

Total

 

$

8,486

 

 

$

13,377

 

 

$

—

 

 

$

21,863

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Money market funds

 

$

28,241

 

 

$

—

 

 

$

—

 

 

$

28,241

 

Commercial paper

 

 

—

 

 

 

14,269

 

 

 

—

 

 

 

14,269

 

U.S. government bonds

 

 

2,987

 

 

 

2,981

 

 

 

—

 

 

 

5,968

 

Total

 

$

31,228

 

 

$

17,250

 

 

$

—

 

 

$

48,478

 

 

The Company’s Level 2 investments are valued using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar investments, issuer credit spreads, benchmark investments, prepayment/default projections based on historical data and other observable inputs. During the three and six months ended June 30, 2025, a total of $1.3 million and $7.8 million, respectively, of U.S. treasury notes and bills were transferred from Level 1 to Level 2 as such instruments were changed to off-the-run when they were issued before the most recent issue and were still outstanding at measurement day.