Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

5.Fair value of financial instruments:

The fair value hierarchy consists of the following three levels:

•Level 1 - Unadjusted quoted prices in active markets for identical instruments.

•Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

•Level 3 - Inputs are unobservable and reflect the Company’s assumptions as to what market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available.

The Company’s cash and cash equivalents and marketable securities are measured at fair value on a recurring basis. The level of the fair value hierarchy utilized to determine such fair values consisted of the following:

	June 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents
Cash and money market fund	$	136,734	$	—	$	—	$	136,734	$	148,643	$	—	$	—	$	148,643
Marketable securities
Guaranteed investment certificates		15,115		—		—		15,115		7,684		—		—		7,684
U.S. treasuries		181,431		—		—		181,431		252,982		—		—		252,982
U.S. government securities		—		53,430		—		53,430		—		97,912		—		97,912
Commercial paper		—		156,447		—		156,447		—		119,108		—		119,108
Corporate debt securities		—		307,440		—		307,440		—		304,545		—		304,545
Total	$	333,280	$	517,317	$	—	$	850,597	$	409,309	$	521,565	$	—	$	930,874

The fair values of the Company’s U.S. government securities, commercial paper and corporate debt securities are based on prices obtained from independent pricing sources. Securities with validated quotes from pricing services are reflected within Level 2, as they are primarily based on observable pricing for similar assets or other market observable inputs. Typical inputs used by these pricing services include, but are not limited to, reported trades, benchmark yields, issuer spreads, bids, offers or estimates of cash flow, prepayment spreads and default rates.

As of June 30, 2024 and December 31, 2023, the Company did not hold any securities classified as Level 3.