Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

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

	September 30, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market fund	$	113,794	$	—	$	—	$	113,794
Totals	$	113,794	$	—	$	—	$	113,794
Short-term investments:
U.S. government treasury securities	$	4,995	$	—	$	—	$	4,995
Totals	$	4,995	$	—	$	—	$	4,995

	December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market fund	$	23,854	$	—	$	—	$	23,854
Totals	$	23,854	$	—	$	—	$	23,854
Short-term investments:
U.S. government treasury securities		93,822		—		—	$	93,822
Totals	$	93,822	$	—	$	—	$	93,822

During the nine months ended September 30, 2024 and the year ended December 31, 2023, there were no transfers between levels. The Company classifies its money market fund and U.S. government treasury securities as Level 1 assets under the fair value hierarchy, as these assets have been valued using quoted market prices in active markets without any valuation adjustment.

The carrying amounts of prepaid expenses and other current assets, prepaid expenses to related party, accounts payable, amount due to related party and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.