Fair Value Measurements (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2025

Dec. 31, 2024

Cara Therapeutics, Inc.

Summary of Financial Assets Measured at Fair Value on Recurring Basis

Fair value measurement as of March 31, 2025:

Financial assets

			Quoted prices in		Significant other		Significant
			active markets for		observable		unobservable
			identical assets		inputs		inputs
Type of Instrument	Total		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents:
Money market funds and checking accounts	$	34,217	$	34,217	$	—	$	—
Total financial assets	$	34,217	$	34,217	$	—	$	—

Fair value measurement as of December 31, 2024:

Financial assets

			Quoted prices in		Significant other		Significant
			active markets for		observable		unobservable
			identical assets		inputs		inputs
Type of Instrument	Total		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents:
Money market funds and checking accounts	$	37,903	$	37,903	$	—	$	—
Total financial assets	$	37,903	$	37,903	$	—	$	—

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis as of December 31, 2024 and 2023, and by level within the fair value hierarchy:

Fair value measurement as of December 31, 2024:

Financial assets

			Quoted prices in		Significant other		Significant
			active markets for		observable		unobservable
			identical assets		inputs		inputs
Type of Instrument	Total		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents:
Money market funds and checking account	$	37,903	$	37,903	$	—	$	—
Total financial assets	$	37,903	$	37,903	$	—	$	—

Fair value measurement as of December 31, 2023:

Financial assets

			Quoted prices in		Significant other		Significant
			active markets for		observable		unobservable
			identical assets		inputs		inputs
Type of Instrument	Total		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents:
Money market funds and checking account	$	51,775	$	51,775	$	—	$	—
Available-for-sale marketable securities:
U.S. Treasury securities		37,246		—		37,246		—
U.S. government agency obligations		7,238		—		7,238		—
Corporate bonds		4,499		—		4,499		—
Restricted cash:
Commercial money market account		1,908		1,908		—		—
Total financial assets	$	102,666	$	53,683	$	48,983	$	—