Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value (in thousands):

	Fair value measurements at December 31, 2024 using:
	Active Markets (Level 1)		Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Assets
Cash equivalents – money market funds	$	169,744	$	-	$	-	$	169,744
Marketable securities – government securities		111,421		-		-		111,421
Total financial assets	$	281,165	$	-	$	-	$	281,165

	Fair value measurements at December 31, 2023 using:
	Active Markets (Level 1)		Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Assets
Cash equivalents – money market funds	$	52,299	$	-	$	-	$	52,299
Cash equivalents – government securities		76,483		-		-		76,483
Marketable securities – government securities		58,685		-		-		58,685
Total financial assets	$	187,467	$	-	$	-	$	187,467

Money market funds and government securities are valued by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy. There were no transfers among Level 1, Level 2, or Level 3 categories in the periods presented.

Assets and Liabilities Not Carried at Fair Value

The Company's convertible long-term debt was carried at amortized cost. The fair value of the convertible long-term debt was estimated to be $38.4 million at December 31, 2023. Fair value was determined using a convertible bond model using a binomial lattice approach. We classified the fair value disclosures for the long-term debt within level 3 of the fair value hierarchy because the fair value is derived using significant unobservable inputs, which include discount rates and volatility. The Company's convertible long-term debt was extinguished on December 20, 2024.

The carrying value of accounts payable and accrued expenses that are reported on the consolidated balance sheets approximate fair value due to the short-term nature of these liabilities. Based on the borrowing rates currently available to the Company for bank loans with similar maturities, the fair value of long-term debt is approximately equal to its carrying amount as of December 31, 2024.