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Fair Value Measurements
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Company follows authoritative accounting guidance, which among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.
The Company measures and reports its cash equivalents and investments at fair value.
Money market funds are measured at fair value on a recurring basis using quoted prices and are classified as Level 1. Investments measured at fair value based on inputs other than quoted prices that are derived from observable market data are classified as Level 2.
Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of December 31, 2023 and December 31, 2022 were as follows (in thousands):
December 31, 2023
Level 1Level 2Level 3Fair Value
Financial Assets:
Money market funds$36,009 $— $— $36,009 
Certificates of deposit733 — — 733 
Corporate bonds— 3,662 — 3,662 
U.S. treasury securities126,366 — — 126,366 
Total financial assets$163,108 $3,662 $— $166,770 
December 31, 2022
Level 1Level 2Level 3Fair Value
Financial Assets:
Money market funds$49,003 $— $— $49,003 
Certificates of deposit490 — — 490 
Commercial paper— 1,667 1,667 
Corporate bonds— 30,657 — 30,657 
U.S. agency — 13,000 — 13,000 
U.S. treasury securities138,734 — — 138,734 
Total financial assets$188,227 $45,324 $— $233,551 
The carrying amounts of accounts payable and accrued expenses approximate their fair values due to their short-term maturities. The Company’s Level 2 securities are valued using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable, either directly or indirectly.
The Company did not have any financial assets or liabilities as of December 31, 2023 and December 31, 2022 that required Level 3 inputs.