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Fair Value Measurements

12 Months Ended

Dec. 31, 2023

The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value (in thousands):


	Fair Value Measurements at December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents:(1)
Money market funds	$	67,102	$	—	$	—	$	67,102
Marketable securities:
U.S. government agency securities and treasuries	—		251,168		—		251,168
Corporate debt securities	—		33,199		—		33,199
Total	$	67,102	$	284,367	$	—	$	351,469


	Fair Value Measurements at December 31, 2022
	Level 1		Level 2		Level 3		Total
Cash equivalents: (1)
Money market funds	$	44,907	$	—	$	—	$	44,907
Marketable securities:
U.S. government agency securities and treasuries	$	—	$	99,396	$	—	$	99,396
Corporate debt securities	—		44,159		—		44,159
Total	$	44,907	$	143,555	$	—	$	188,462

(1)The cash equivalent amounts above do not include $0.5 million and $0.3 million of cash related to checking accounts included in cash and cash equivalents as of December 31, 2023 and December 31, 2022. These amounts are excluded as no valuation is needed for cash in checking accounts.

Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. The Company measures its debt securities at fair value on a recurring basis using inputs that are observable or can be corroborated by observable market data and classifies those instruments within Level 2 of the fair value hierarchy.

- 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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