Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The Company’s fair value hierarchy for its financial assets that are measured at fair value on a recurring basis as of June 30, 2024, is as follows (in thousands):

	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Money market funds	$	42,685	$	—	$	—	$	42,685
Short-term investments:
U.S. Treasury bills	68,176		—		—		68,176
Corporate bonds	—		26,277		—		26,277
Government and government agency	—		2,821		—		2,821
Asset-backed bonds	—		723		—		723
Restricted cash:
Money market funds	856		—		—		856
Total assets	$	111,717	$	29,821	$	—	$	141,538

The Company’s fair value hierarchy for its financial assets that are measured at fair value on a recurring basis as of December 31, 2023, is as follows (in thousands):

	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Money market funds	$	42,492	$	—	$	—	$	42,492
Short-term investments:
U.S. Treasury bills	63,833		—		—		63,833
Corporate bonds	—		39,169		—		39,169
Government and government agency	—		20,610		—		20,610
Asset-backed bonds	—		706		—		706
Restricted cash:
Money market funds	856		—		—		856
Total assets	$	107,181	$	60,485	$	—	$	167,666

The fair values of cash, accounts receivable, accounts payable, and accrued liabilities approximated their carrying values as of June 30, 2024 and December 31, 2023, due to their short-term nature. All other financial instruments are valued either based on recent trades of securities in active markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. During the six months ended June 30, 2024 and 2023, the Company had no transfers between levels of the fair value hierarchy of its assets or liabilities measured at fair value.