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Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
Certain assets and liabilities are carried at fair value in accordance with GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
Valuation techniques used to measure fair value require the Company to maximize the use of observable inputs and minimize the use of unobservable inputs. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:
•Level 1—Quoted prices in active markets for identical assets or liabilities.
•Level 2—Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies, and similar techniques.
Short-term investments and certain cash equivalents consist of investments in debt securities that are available-for-sale. The table below segregates all assets that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date:
June 30, 2025
(in thousands)Level 1Level 2Level 3Total
Cash equivalents:
Money market fund$7,671 $— $— $7,671 
Total cash equivalents$7,671 $— $— $7,671 
Short-term investments:
Commercial paper$— $3,321 $— $3,321 
Corporate notes— 19,644 — 19,644 
U.S. Treasury securities— 28,256 — 28,256 
U.S. Government agency securities— 20,636 — 20,636 
Total short-term investments$— $71,857 $— $71,857 
December 31, 2024
(in thousands)Level 1Level 2Level 3Total
Cash equivalents:
Money market fund$6,795 $— $— $6,795 
U.S. Treasury securities— 3,199 — 3,199 
Total cash equivalents$6,795 $3,199 $— $9,994 
Short-term investments:
Commercial paper$— $2,263 — 2,263 
Corporate notes— 27,092 — 27,092 
U.S. Treasury securities— 14,852 — 14,852 
U.S. Government agency securities— 33,712 — 33,712 
Total short-term investments$— $77,919 $— $77,919 
There were no transfers between Level 1, Level 2, or Level 3 during the three and six months ended June 30, 2025 and 2024. The Company’s cash equivalents and short-term investments for the periods presented were valued using quoted market prices or alternative pricing sources and models utilizing observable market inputs and were classified as Level 1 or Level 2, accordingly. As of June 30, 2025 and December 31, 2024, all other financial instruments not included in the table above were classified as Level 1.