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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Assets Measured and Recorded at Fair Value on a Non-Recurring Basis
Equity method investments, and certain non-financial assets, such as intangible assets, are remeasured at fair value only if an impairment or observable price adjustment is recognized in the current period.
Financial Instruments Not Recorded at Fair Value on a Recurring Basis
Financial instruments not recorded at fair value on a recurring basis include vendor financing arrangements. The carrying value of the vendor financing agreements was $2.1 million and $3.4 million as of December 31, 2024, and 2023, respectively. The Company’s vendor financing arrangements are classified within Level 2 because these borrowings are not actively traded and have a variable interest rate structure based upon the Company’s incremental borrowing rate. The estimated fair values of these financial instruments approximate their carrying values.
Financial Instruments Recorded at Fair Value on a Recurring Basis
The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

As of December 31, 2024
Level 1Level 2Level 3Fair Value
Assets:
Cash equivalents:
Money market funds$10,410 $— $— $10,410 
Total cash equivalents10,410 — — 10,410 
Short-term investments:
Corporate bonds— 5,542 — 5,542 
U.S. government agency securities— 14,850 — 14,850 
U.S. treasury securities— 9,765 — 9,765 
Total short-term investments— 30,157 — 30,157 
Long-term investments:
Corporate bonds— 2,620 — 2,620 
U.S. treasury securities— 1,988 — 1,988 
U.S. government agency securities— 3,896 — 3,896 
Total long-term investments— 8,504 — 8,504 
Total financial assets
$10,410 $38,661 $— $49,071 

As of December 31, 2023
Level 1Level 2Level 3Fair Value
Assets:
Cash equivalents:
Money market funds$8,026 $— $— $8,026 
U.S. treasury securities— 2,491 — 2,491 
Total cash equivalents8,026 2,491 — 10,517 
Short-term investments:
Certificate of deposit— 5,000 — 5,000 
Commercial paper— 989 — 989 
Corporate bonds— 3,696 — 3,696 
U.S. government agency securities— 9,650 — 9,650 
U.S. treasury securities— 8,142 — 8,142 
Total short-term investments— 27,477 — 27,477 
Long-term investments:
Corporate bonds— 1,962 — 1,962 
U.S. government agency securities— 9,840 — 9,840 
Total long-term investments— 11,802 — 11,802 
Total financial assets
$8,026 $41,770 $— $49,796 
Money market funds are highly liquid investments and are actively traded. The fair value is based on quoted prices for identical assets in active markets and therefore classified as Level 1 of the fair value hierarchy.
The Company’s other investments are considered Level 2 financial instruments as their fair values are determined using inputs that are directly or indirectly observable in active or less active markets. There were no transfers between levels during the periods presented.