XML 29 R13.htm IDEA: XBRL DOCUMENT v3.24.0.1
Fair Value Measurements
12 Months Ended
Dec. 31, 2023
Fair Value Measurements  
Fair Value Measurements

6. FAIR VALUE MEASUREMENTS

Money market funds are classified as Level 1 fair value instruments. Investments in available-for-sale debt securities are classified as Level 2 and carried at fair value, which we estimate utilizing a third-party pricing service. The pricing service utilizes industry standard valuation models whereby all significant inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, or other market-related data, are observable. We validate valuations

obtained from third-party services by obtaining market values from other pricing sources. The Company did not classify any assets or liabilities as Level 3 as of December 31, 2023, or December 31, 2022.

The Company’s assets measured at fair value consisted of the following:

December 31, 2023

December 31, 2022

Total

Level 1

Level 2

Total

Level 1

Level 2

Assets

Cash equivalents

$

244,569

243,685

884

$

184,977

184,977

Commercial paper

24,609

24,609

27,388

27,388

Corporate debt securities

58,737

58,737

70,608

70,608

U.S. government securities

30,623

30,623

3,903

3,903

Total

$

358,538

243,685

114,853

$

286,876

184,977

101,899