Fair Value

12 Months Ended

Dec. 31, 2024

Fair Value

Fair Value

6. Fair Value

The Company’s consolidated balance sheets include various financial instruments (primarily cash and cash equivalents, short-term investments, accounts receivable and accounts payable) that are carried at cost, which approximates fair value due to the short-term nature of the instruments.

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company had no financial assets or liabilities measured at fair value on a recurring basis as of December 31, 2024 or 2023.

Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

Money market funds, commercial paper and corporate debt instruments classified as held-to-maturity are measured at fair value on a non-recurring basis when they are deemed to be impaired on an other-than-temporary basis. No such fair value impairment was recognized during the years ended December 31, 2024 or 2023.

The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis at December 31, 2024:

				Gross		Gross
		Amortized		unrecognized		unrecognized		Aggregate
Description	Classification	cost		holding gains		holding losses		fair value
Money market funds and cash equivalents	Cash equivalents	$	19,759	$	—	$	—	$	19,759
Commercial paper	Cash equivalents		5,959		1		—		5,960
Commercial paper	Short-term investments		47,907		28		(8)		47,927
U.S. Treasury securities and government agency bonds	Short-term investments		64,193		135		(4)		64,324
Corporate debt	Short-term investments		14,498		29		(6)		14,521
U.S. Treasury securities and government agency bonds	Long-term investments		35,781		106		(68)		35,819
Total cash equivalents, short-term investments and long-term investments		$	188,097	$	299	$	(86)	$	188,310

The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis at December 31, 2023:

				Gross		Gross
		Amortized		unrecognized		unrecognized		Aggregate
Description	Classification	cost		holding gains		holding losses		fair value
Money market funds and cash equivalents	Cash equivalents	$	22,693	$	—	$	—	$	22,693
U.S. Treasury securities and government agency bonds	Cash equivalents		20,986		3		—		20,989
Commercial paper	Short-term investments		107,131		100		(1)		107,230
U.S. Treasury securities and government agency bonds	Short‑term investments		14,651		28		(6)		14,673
U.S. Treasury securities and government agency bonds	Long-term investments		42,938		282		(2)		43,218
Total cash equivalents, short-term investments and long-term investments		$	208,399	$	413	$	(9)	$	208,803

Non-Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company has no non-financial assets and liabilities that are measured at fair value on a recurring basis.

Non-Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The Company measures its long-lived assets, including property and equipment, at fair value on a non-recurring basis. These assets are recognized at fair value when they are deemed to be impaired. No such fair value impairment was recognized during the years ended December 31, 2024 or 2023.