Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value (in thousands):

	Fair value measurements at September 30, 2024 using
	Active Markets (Level 1)		Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Cash Equivalents:
Money market funds	$	96,150	$	-	$	-	$	96,150
Government securities		27,989		-		-		27,989
Marketable Securities:
Government securities		138,002		-		-		138,002
Total	$	262,141	$	-	$	-	$	262,141

	Fair value measurements at December 31, 2023 using
	Active Markets (Level 1)		Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Cash Equivalents:
Money market funds	$	52,299	$	-	$	-	$	52,299
Government securities		76,483		-		-		76,483
Marketable Securities:
Government securities		58,685		-		-		58,685
Total	$	187,467	$	-	$	-	$	187,467

Money market funds and government securities are valued by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy. There were no transfers among Level 1, Level 2, or Level 3 categories in the periods presented.

Assets and Liabilities Not Carried at Fair Value

The Company's long-term debt is carried at amortized cost. The fair value of the long-term debt was estimated to be $33.0 million and $38.4 million at September 30, 2024 and December 31, 2023, respectively. Fair value was determined using a convertible bond model using a binomial lattice approach. We classified the long-term debt within Level 3 of the fair value hierarchy because the fair value is derived using significant unobservable inputs, which include discount rates and volatility.

The carrying value of cash, accounts payable and accrued expenses that are reported on the condensed consolidated balance sheets approximate their fair value due to the short-term nature of these assets and liabilities.