FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2024

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 September 30, 2024, or December 31, 2023.

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

	September 30, 2024				December 31, 2023
		Total	Level 1	Level 2		Total	Level 1	Level 2
Assets
Cash equivalents	$	296,384	296,384	—	$	244,569	243,685	884
Commercial paper		10,280	—	10,280		24,609	—	24,609
Corporate debt securities		81,001	—	81,001		58,737	—	58,737
U.S. government securities		26,050	—	26,050		30,623	—	30,623
Total	$	413,715	296,384	117,331	$	358,538	243,685	114,853