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Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
3.
Fair Value Measurements

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy described in Note 2 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (in thousands):

 

 

 

 

 

Fair Value Measurements Using

 

As of March 31, 2025

 

Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

10,640

 

 

$

10,640

 

 

$

—

 

 

$

—

 

U.S. government obligations (2)

 

 

123,136

 

 

 

—

 

 

 

123,136

 

 

 

—

 

Total fair value of assets

 

$

133,776

 

 

$

10,640

 

 

$

123,136

 

 

$

—

 

 

(1)
Included in cash and cash equivalents on the balance sheets.
(2)
Included in short-term investments on the balance sheets.

 

 

 

 

 

Fair Value Measurements Using

 

As of December 31, 2024

 

Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

24,889

 

 

$

24,889

 

 

$

—

 

 

$

—

 

U.S. government obligations (2)

 

 

118,289

 

 

 

—

 

 

 

118,289

 

 

 

—

 

Corporate debt securities (2)

 

 

7,238

 

 

 

—

 

 

 

7,238

 

 

 

—

 

Total fair value of assets

 

$

150,416

 

 

$

24,889

 

 

$

125,527

 

 

$

—

 

 

(1)
Included in cash and cash equivalents on the balance sheets.
(2)
Included in short-term investments on the balance sheets.

The Company’s money market funds are classified as Level 1 because they are valued using quoted market prices. The Company’s investments consist of available-for-sale securities and are classified as Level 2 because their value is based on valuations using significant inputs derived from or corroborated by observable market data.

There were no transfers of assets between fair value levels for any period presented.