Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements

v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3. Fair Value Measurements

Fair value of financial instruments

At June 30, 2025 and December 31, 2024, the Company’s financial instruments included cash and cash equivalents, available-for-sale debt securities, 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:

 

 

June 30, 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

 

$

84,930

 

 

$

84,930

 

 

$

—

 

 

$

—

 

U.S. Treasury securities - original maturity less than three months

 

 

59,493

 

 

 

—

 

 

 

59,493

 

 

 

—

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

49,070

 

 

 

—

 

 

 

49,070

 

 

 

—

 

Total

 

$

193,493

 

 

$

84,930

 

 

$

108,563

 

 

$

—

 

 

 

 

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. Investments are measured at fair value based on inputs other than quoted prices that are derived from observable market data and are classified as Level 2 inputs.

For debt securities classified as available-for-sale investments, the Company records unrealized gains or losses resulting from changes in fair value between measurement dates as a component of other comprehensive income. The Company did not hold any available-for-sale securities as of December 31, 2024.

 

 

June 30, 2025

 

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Fair value

 

Financial assets

 

 

 

 

 

 

 

 

 

Cash

 

$

1,189

 

 

$

—

 

 

$

1,189

 

Money market funds

 

 

84,930

 

 

 

—

 

 

 

84,930

 

U.S. Treasury securities - original maturity less than three months

 

 

59,493

 

 

 

—

 

 

 

59,493

 

Included in cash and cash equivalents

 

 

145,612

 

 

 

—

 

 

 

145,612

 

U.S. Treasury securities - due in one year or less

 

 

 

 

 

 

 

 

—

 

Included in short-term investments

 

 

49,069

 

 

 

1

 

 

 

49,070

 

Total

 

$

194,681

 

 

$

1

 

 

$

194,682