Fair value of financial assets and liabilities

3 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair value of financial assets and liabilities

Fair value of financial assets and liabilities

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis:

	Fair Value Measurements as of June 30, 2024 Using:
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	—	$	20,097	$	—	$	20,097
Short-term investments
US Government Agency bonds	—		171,707		—		171,707
US Treasury bonds	—		145,759		—		145,759
	$	—	$	337,563	$	—	$	337,563

	Fair Value Measurements as of March 31, 2024 Using:
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	—	$	41,077	$	—	$	41,077
Short-term investments
US Government Agency bonds	—		199,821		—		199,821
US Treasury bonds	—		146,390		—		146,390
	$	—	$	387,288	$	—	$	387,288

The underlying securities in the money market funds held by the Company are all government backed securities.

During the three months ended June 30, 2024 and 2023, there were no transfers between levels.

Valuation of cash equivalents and short-term investments

Money market funds, U.S. Government Agency bonds and U.S. Treasury bonds were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy. Cash equivalents consisted of money market funds at June 30, 2024 and money market funds at March 31, 2024.