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Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company’s fair value hierarchy for its financial assets that are measured at fair value on a recurring basis as of March 31, 2025, is as follows (in thousands):
 
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$71,983 $— $— $71,983 
Short-term investments:
U.S. Treasury bills41,541 — — 41,541 
Corporate bonds— 7,394 — 7,394 
Restricted cash:
Money market funds1,223 — — 1,223 
Total assets$114,747 $7,394 $— $122,141 

The Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2024, is as follows (in thousands):
 
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$64,717 $— $— $64,717 
Short-term investments:
U.S. Treasury bills60,160 — — 60,160 
Corporate bonds— 18,060 — 18,060 
Government and government agency— 1,447 — 1,447 
Restricted cash:
Money market funds856 — — 856 
Total assets$125,733 $19,507 $— $145,240 

The fair values of cash, accounts receivable, accounts payable, and accrued liabilities approximated their carrying values as of March 31, 2025 and December 31, 2024, due to their short-term nature. The fair value of the non-current portion of the earn-out liability, presented within other long-term liabilities, approximated its carrying value as of March 31, 2025 due to all of the earn-out consideration being paid in cash and the timing of its payout being subject to estimation. All other financial instruments are valued either based on recent trades of securities in active markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. During the three months ended March 31, 2025 and 2024, the Company had no transfers between levels of the fair value hierarchy of its assets measured at fair value.