The Company records certain financial assets and liabilities at fair value. The accounting guidance for fair value provides a framework for measuring fair value, clarifies the definition of fair value, and expands disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows:

The Company’s primary financial instruments include cash, cash equivalents and investments, accounts payable, and accrued liabilities. The carrying amounts of the Company’s financial instruments, other than cash equivalents and investments, approximate fair value due to their relatively short maturities.

The following table presents the Company’s financial assets, which consist of cash equivalents and investments classified as available-for-sale investments, that are measured at fair value on a recurring basis (in thousands):


	June 30, 2025
	Level	Amortized Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Cash equivalents:
Money market funds	Level 1	$	5,755	$	—	$	—		$	5,755
Short-term investments:
U.S. Treasury securities	Level 1		15,542		16		—			15,558
U.S. Treasury securities	Level 2		3,896		5		—			3,901
Commercial paper	Level 2		21,257				(4	)		21,253
Corporate debt securities	Level 2		3,984		1		(1	)		3,984
Long-term investments:
U.S. Treasury securities	Level 1		8,293		9		(1	)		8,301
Total		$	58,727	$	31	$	(6	)	$	58,752


	December 31, 2024
	Level	Amortized Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Cash equivalents:
Money market funds	Level 1	$	10,127	$	—	$	—		$	10,127
Short-term investments:
U.S. Treasury securities	Level 1		25,906		24		—			25,930
Commercial paper	Level 2		30,842		11		(14	)		30,839
U.S. Government agency securities	Level 2		3,499		6		—			3,505
Corporate debt securities	Level 2		1,991		2		—			1,993
Long-term investments:
U.S. Treasury securities	Level 1		5,019		2		—			5,021
Total		$	77,384	$	45	$	(14	)	$	77,415

The Company classifies its money market funds and U.S. Treasury securities, which are valued based on quoted market prices in active markets with no valuation adjustment, as Level 1 assets within the fair value hierarchy.

The Company classifies its investments in commercial paper, corporate debt securities, U.S. government agency securities and U.S. Treasury securities as Level 2 within the fair value hierarchy. The fair values of these investments are estimated by taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data and other observable inputs. There were no transfers of financial instruments between valuation levels during the six months ended June 30, 2025.

As of June 30, 2025, none of the Company’s available-for-sale investments that were in an unrealized loss position had been in an unrealized loss position for more than 12 months. During the six months ended June 30, 2025 and 2024, the Company did not sell any available-for-sale investments.

As of June 30, 2025, the Company’s short-term investments had maturities of less than one year from the balance sheet date. The Company’s long-term investments had maturities of between one and two years from the balance sheet date.

The Company does not intend to sell the securities in an unrealized loss position and does not expect they will be required to sell the securities before recovery of the unamortized cost basis. Additionally, the Company evaluated its securities for credit losses and considered the decline in market value to be primarily attributable to current economic and market conditions and not credit related. Accordingly, no allowance for credit losses had been recognized as of June 30, 2025 and December 31, 2024. During the six months ended June 30, 2025 and 2024, the Company did not recognize any impairment losses related to investments.

As of June 30, 2025 and December 31, 2024, the Company had accrued interest receivable of $0.4 million and $0.3 million, respectively, which was included in prepaid expenses and other current assets on the balance sheets.