XML 23 R14.htm IDEA: XBRL DOCUMENT v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 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):

 

 

September 30, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Money market funds

 

$

34,207

 

 

$

—

 

 

$

—

 

 

$

34,207

 

Corporate bonds

 

 

—

 

 

 

3,035

 

 

 

—

 

 

 

3,035

 

Commercial paper

 

 

—

 

 

 

59,578

 

 

 

—

 

 

 

59,578

 

U.S. government bonds

 

 

12,460

 

 

 

9,976

 

 

 

—

 

 

 

22,436

 

Total

 

$

46,667

 

 

$

72,589

 

 

$

—

 

 

$

119,256

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 nine months ended September 30, 2025, a total of $10.0 million and $17.8 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.