Fair value measurements

12 Months Ended

Dec. 31, 2024

The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the level within fair value hierarchy of the valuation techniques utilized to determine such value.


	December 31, 2024
(in thousands)	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents
Money market funds	$	79,344	$	79,344	$	—	$	—


Marketable securities
U.S. treasury securities	$	26,870	$	26,870	$	—	$	—


	December 31, 2023
(in thousands)	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents
Money market funds	$	90,649	$	90,649	$	—	$	—
U.S. government agency securities	24,889		24,889		—		—
	$	115,538	$	115,538	$	—	$	—
Marketable securities
U.S. treasury securities	$	29,548	$	29,548	$	—	$	—
U.S. government agency securities	4,975		—		4,975		—
	$	34,523	$	29,548	$	4,975	$	—

There were no changes in valuation techniques or transfers between fair value measurement levels during the years ended December 31, 2024 and 2023.

Investments classified as Level 1 within the valuation hierarchy generally consist of U.S. treasury securities and money market funds, as the fair value is readily determinable based on active daily markets for identical securities. Investments classified as Level 2 within the valuation hierarchy generally consist of U.S. government agency securities, as the fair value is readily determinable based on active daily markets for similar securities and other observable inputs. The Company estimates the fair values of investments by taking into consideration valuations obtained from third-party pricing sources.

The carrying amounts reflected in the consolidated balance sheets for prepaid expenses and other current assets, accounts receivable, accounts payable and accrued expenses approximate their fair values due to their short-term nature.

As of December 31, 2024 and 2023, the carrying value of the Company’s outstanding borrowing under the New Credit Facility (as defined in Note 8, Debt) approximated fair value (a Level 2 fair value measurement), reflecting interest rates currently available to the Company. The New Credit Facility is discussed in more detail in Note 8, Debt.