Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2024

8. Fair Value of Financial Instruments

The following table provides a summary of financial assets measured at fair value on a recurring basis:


	Fair Value at
Description	December 31, 2024		Level 1		Level 2		Level 3
Recurring Assets:
Cash equivalents:
Money market funds	$	19,742	$	19,742	$	—	$	—
U.S. treasury securities		—		—		—		—
Corporate debt securities		2,204		—		2,204		—
Short-term investments
U.S. treasury securities		186,552		186,552		—		—
U.S. government agency securities		3,928		—		3,928		—
Corporate debt securities		61,969		—		61,969		—
Long-term investments
U.S. treasury securities		70,850		70,850		—		—
U.S. government agency securities		3,015		—		3,015		—
Corporate debt securities		7,863		—		7,863
Other assets and restricted cash:
Investment in related party		148		148		—		—
Total assets measured at fair value	$	356,271	$	277,292	$	78,979	$	—


	Fair Value at
	December 31,
Description	2023		Level 1		Level 2		Level 3
Recurring Assets:
Cash equivalents:
Money market funds	$	131,193	$	131,193	$	—	$	—
Short-term investments
U.S. treasury securities		36,418		36,418		—		—
U.S. government agency securities		4,975		—		4,975		—
Total assets measured at fair value	$	172,586	$	167,611	$	4,975	$	—

There were no transfers between levels for the years ended December 31, 2024 or 2023. The weighted-average maturity of the securities held at December 31, 2024 were 12 months or less.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details