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Fair Value Measurement
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
Fair value accounting is applied for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the condensed consolidated financial statements on a recurring basis (at least annually). Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Assets and liabilities recorded at fair value in the condensed consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which
are directly related to the amount of subjectivity, associated with the inputs to the valuation of these assets or liabilities are as follows:
Level 1: Observable inputs such as quoted prices in active markets for identical assets and liabilities.
Level 2: Inputs other than the quoted prices in active markets that are observable either directly or indirectly.
Level 3: Unobservable inputs in which there is little or no market data which require the Company to develop its own assumptions.
The Company’s financial instruments that are not measured at fair value on a recurring basis include trade and finance accounts receivable and accounts payable whose carrying values approximate fair value due to the short-term nature of those instruments.
The following tables present information about the Company’s financial assets measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):
 June 30, 2024
 Level 1Level 2Level 3Total
Cash equivalents:   
Money market funds$10,931 $— $— $10,931 
Marketable Securities:   
Corporate securities— 53,073 — 53,073 
U.S. treasury and agency securities497 4,105 — 4,602 
Total financial assets$11,428 $57,178 $— $68,606 
 December 31, 2023
 Level 1Level 2Level 3Total
Cash equivalents:   
Money market funds$22,433 $— $— $22,433 
Corporate securities— 1,212 — 1,212 
Marketable Securities:   
Corporate securities— 198,380 — 198,380 
U.S. treasury and agency securities20,064 10,317 — 30,381 
Total financial assets$42,497 $209,909 $— $252,406 
The Company classifies its highly liquid money market funds and U.S treasury securities within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its corporate securities, and U.S. agency securities within Level 2 because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded.