Fair Value Measurement

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurement

5. Fair Value Measurement

Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

•Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;

•Level 2 – Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; or

•Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

The following tables represent the Company’s financial assets measured at fair value on a recurring basis and indicate the level of fair value hierarchy utilized to determine such fair values:

			Fair Value Measurements at Reporting Date Using
Description	March 31, 2025		Level 1		Level 2		Level 3
Assets:
Money market funds (included in cash and cash equivalents)	$	18,724	$	18,724	$	—	$	—
U.S. government agency debt securities		30,103		—		30,103		—
U.S. Treasury securities		28,827		28,827		—		—
Total assets	$	77,654	$	47,551	$	30,103	$	—

			Fair Value Measurements at Reporting Date Using
Description	December 31, 2024		Level 1		Level 2		Level 3
Assets:
Money market funds (included in cash and cash equivalents)	$	20,273	$	20,273	$	—	$	—
U.S. government agency debt securities		39,546		—		39,546		—
U.S. Treasury securities		52,460		52,460		—		—
Total assets	$	112,279	$	72,733	$	39,546	$	—

There have been no transfers between fair value levels during the three months ended March 31, 2025.