Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements

v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3. Fair Value Measurements

Fair value of financial instruments

At March 31, 2025 and December 31, 2024, the Company’s financial instruments included cash and cash equivalents, accounts payable and accrued expenses. The carrying amounts for cash and cash equivalents, accounts payable and accrued expenses reported in the Company’s consolidated financial statements for these instruments approximate their respective fair values because of the short-term nature of these instruments.

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

 

 

March 31, 2025

 

 

 

Total

 

 

Quoted
Prices in
Active Markets
for Identical Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

130,151

 

 

$

130,151

 

 

$

—

 

 

$

—

 

Total

 

$

130,151

 

 

$

130,151

 

 

$

—

 

 

$

—

 

 

 

 

December 31, 2024

 

 

 

Total

 

 

Quoted
Prices in
Active Markets
for Identical Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

162,634

 

 

$

162,634

 

 

$

—

 

 

$

—

 

Total

 

$

162,634

 

 

$

162,634

 

 

$

—

 

 

$

—

 

 

Money market funds are measured at fair value on a recurring basis using quoted prices and are classified as Level 1 inputs.