Fair Value Measurements

3 Months Ended

Mar. 31, 2024

The following tables show the Company’s cash, cash equivalents, and short-term investments by significant investment category as of March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-term Investments
Cash	$	11,350	$	—	$	—	$	11,350	$	11,350	$	—
Level 1:
Money market funds	22,849		—		—		22,849		22,849		—

Level 2(1):
Commercial paper	28,713		—		(17)		28,696		18,878		9,818
Corporate debt	980		—		—		980		—		980
U.S. treasury securities	21,639		2		(1)		21,640		4,969		16,671
Subtotal	51,332		2		(18)		51,316		23,847		27,469
Total	$	85,531	$	2	$	(18)	$	85,515	$	58,046	$	27,469

(1) The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments uses inputs that are either directly or indirectly observable for the asset through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.


	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-term Investments
Cash	$	8,742	$	—	$	—	$	8,742	$	8,742	$	—
Level 1:
Money market funds	56,374		—		—		56,374		56,374		—






Total	$	65,116	$	—	$	—	$	65,116	$	65,116	$	—

We limit the credit risk associated with our cash equivalents and short-term investments by placing them with banks and institutions we believe are highly credit-worthy and investing in highly-rated investments. As of March 31, 2024, and December 31, 2023, the contractual maturity of all investments held was less than one year.

During the three months ended March 31, 2024 and 2023, we did not recognize any significant credit losses nor other-than-temporary impairment losses on our short-term investments.