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Fair Value of Financial Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value of Financial Assets and Liabilities

Schedule of financial assets and liabilities measured at fair value on a recurring basis


		Fair Value Measurements as of
		September 30, 2024 using:
		Level 1			Level 2			Level 3			Total
Assets:
Cash equivalents:
Money market funds		$	37,680		$	—		$	—		$	37,680
Marketable securities:
US treasury securities			49,655			—			—			49,655
Corporate debt securities and commercial paper			—			201,214			—			201,214
Derivative asset:			—			—			150			150
Total		$	87,335		$	201,214		$	150		$	288,699


		Fair Value Measurements as of
		December 31, 2023 using:
		Level 1			Level 2			Level 3			Total
Assets:
Cash equivalents:
Money market funds			40,868			4,979			—			45,847
Marketable securities:
Corporate debt securities and commercial paper			—			215,765			—			215,765
Total		$	40,868		$	220,744		$	—		$	261,612
Liabilities:
Derivative liability		$	—		$	—		$	1,150		$	1,150
Total		$	—		$	—		$	1,150		$	1,150

Schedule of changes in the estimated fair value of Level 3 securities


		Nine months ended
		September 30,
		2024			2023
Beginning aggregate estimated fair value of Level 3 liabilities (assets)		$	1,150		$	1,340
Change in fair value of embedded derivative			(1,300)			(150)
Fair value of forward contract - Series A Convertible Preferred Stock			8,900			—
Settlement of forward contract			(8,900)			—
Ending aggregate estimated fair value of Level 3 liabilities (assets)		$	(150)		$	1,190

Schedule of marketable securities


		September 30, 2024
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value
Assets
Corporate debt securities and commercial paper (due within 1 year)		$	200,864		$	379		$	(29)		$	201,214
U.S. Treasury Securities (due within 1 year)			49,484			174			(3)			49,655
		$	250,348		$	553		$	(32)		$	250,869


		December 31, 2023
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value
Assets
Corporate debt securities and commercial paper (due within 1 year)		$	215,490		$	282		$	(7)		$	215,765
		$	215,490		$	282		$	(7)		$	215,765

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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