Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

•Level 1 – Quoted prices in active markets for identical assets or liabilities.

•Level 2 – Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

•Level 3 – Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values:

Description	Financial Assets		Level 1		Level 2		Level 3
	(in thousands)
As of June 30, 2024
Assets
Cash equivalents:
Money market funds	$	35,255	$	35,255	$	—	$	—
Total cash equivalents		35,255		35,255		—		—
Marketable securities:
Commercial paper		109,139		—		109,139		—
Corporate debt securities		19,164		—		19,164		—
Total marketable securities		128,303		—		128,303		—
Total financial assets	$	163,558	$	35,255	$	128,303	$	—
As of December 31, 2023
Assets
Cash equivalents:
Money market funds	$	36,991	$	36,991	$	—	$	—
Commercial paper		29,815		—		29,815		—
Total cash equivalents		66,806		36,991		29,815		—
Marketable securities:
U.S. Treasury and government-sponsored enterprises		22,409		—		22,409		—
Commercial paper		89,950		—		89,950		—
Total marketable securities		112,359		—		112,359		—
Total financial assets	$	179,165	$	36,991	$	142,174	$	—

When developing fair value estimates, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. When available, the Company uses quoted market prices to measure the fair value. In determining the fair values at each date presented above, the Company relied on quoted prices for similar securities in active markets or using other inputs that are observable or can be corroborated by observable market data.

During the six months ended June 30, 2024, there were no transfers between fair value measure levels.