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FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2024

The Company’s financial assets that are measured at fair value as of March 31, 2024 and December 31, 2023 are classified in the tables below in one of the three categories described in “Fair value measurement” in "Note 2 - Significant Accounting Policies” above:


	March 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	19,065	$	—	$	—	$	19,065
Marketable securities	—		66,885		—		66,885
Total assets	$	19,065	$	66,885	$	—	$	85,950


	December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	20,353	$	10,267	$	—	$	30,620
Marketable securities	—		62,633		—		62,633
Total assets	$	20,353	$	72,900	$	—	$	93,253

Other financial instruments consist of trade receivables, trade payables and accrued expenses. The fair value of these financial instruments approximates their carrying value due to their short-term nature. In determining the fair value of its Level 2 investments, the Company relied on quoted prices for identical securities in markets that are not active. These quoted prices were obtained by the Company with the assistance of a third-party pricing service based on available trade, bid and other observable market data for identical securities.

- 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.

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