Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2023

Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table sets forth the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2023 and 2022 (in thousands):


	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
December 31, 2023
Assets:
Cash and cash equivalents	$	221,755	$	221,755	$	—	$	—
Marketable securities:
U.S. government agency securities and treasuries	—		—		—		—



Receivables and other current assets:
Beneficiary interest in factored invoices	560		—		—		560
Total assets	$	222,315	$	221,755	$	—	$	560
December 31, 2022
Assets:
Cash and cash equivalents	$	113,006	$	113,006	$	—	$	—
Marketable securities:
U.S. government agency securities and treasuries	66,237		—		66,237		—
Corporate bonds	2,498		—		2,498		—


Total assets	$	181,741	$	113,006	$	68,735	$	—

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

The following table summarizes available-for-sale debt securities in a continuous unrealized loss position for less than and greater than twelve months, and for which an allowance for credit losses has not been recorded at December 31, 2023 and 2022 (in thousands):


	Less than 12 months				12 months or greater				Total
Description	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
December 31, 2023
U.S. government agency securities and treasuries	$	—	$	—	$	—	$	—	$	—	$	—

Total	$	—	$	—	$	—	$	—	$	—	$	—
December 31, 2022
U.S. government agency securities and treasuries	$	—	$	—	$	66,237	$	(1,733)	$	66,237	$	(1,733)
Corporate bonds	—		—		2,498		(26)		2,498		(26)
Total	$	—	$	—	$	68,735	$	(1,759)	$	68,735	$	(1,759)

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table shows a reconciliation of the beginning and ending balances for Level 3 financial liabilities measured at fair value on a recurring basis for the three months ended December 31, 2023:


	For the year ended December 31,
	2023
Level 3 financial assets, beginning of period	$	—
Beneficiary interest obtained in transferred invoices	560
Proceeds from previously transferred invoices	—
Level 3 financial assets, end of period	$	560