Fair Value Measurements

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The following tables present the financial instruments carried at fair value on a recurring basis as of June 30, 2025 and December 31, 2024, respectively, in accordance with the FASB ASC 820 hierarchy (in thousands):

	June 30, 2025
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	7,265	$	—	$	—	$	7,265
Marketable debt securities
U.S. Treasury securities		78,211		—		—		78,211
Total	$	85,476	$	—	$	—	$	85,476
	December 31, 2024
	Level 1		Level 2		Level 3		Total
Cash Equivalents
Money market funds	$	9,491	$	—	$	—	$	9,491
Marketable debt securities
U.S. Treasury securities		107,458		—		—		107,458
Total	$	116,949	$	—	$	—	$	116,949

The Company’s cash equivalents represent deposits in a short-term money market fund quoted in an active market and are classified as Level 1 assets. Marketable debt securities include investments in United States Treasury securities and are classified as Level 1 assets as they are valued using quoted prices in active markets. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the periods presented.