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Fair Value Measurements
6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3. Fair Value Measurements

The following tables present 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 as of June 30, 2024 and December 31, 2023 (in thousands):

 

 

 

Fair Value Measurements at
June 30, 2024:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market fund

 

$

36,428

 

 

$

 

 

$

 

 

$

36,428

 

US treasuries

 

 

13,450

 

 

 

 

 

 

 

 

 

13,450

 

US government agencies

 

 

 

 

 

2,995

 

 

 

 

 

 

2,995

 

Commercial Paper

 

 

 

 

 

10,960

 

 

 

 

 

 

10,960

 

Marketable securities, current

 

 

 

 

 

 

 

 

 

 

 

 

US treasuries

 

 

164,958

 

 

 

 

 

 

 

 

 

164,958

 

US government agencies

 

 

 

 

 

90,727

 

 

 

 

 

 

90,727

 

Commercial Paper

 

 

 

 

 

23,588

 

 

 

 

 

 

23,588

 

Corporate bonds

 

 

 

 

 

163,068

 

 

 

 

 

 

163,068

 

Marketable securities, non-current

 

 

 

 

 

 

 

 

 

 

 

 

US treasuries

 

 

28,600

 

 

 

 

 

 

 

 

 

28,600

 

US government agencies

 

 

 

 

 

30,470

 

 

 

 

 

 

30,470

 

Corporate bonds

 

 

 

 

 

133,375

 

 

 

 

 

 

133,375

 

Restricted cash

 

 

5,841

 

 

 

 

 

 

 

 

 

5,841

 

Total

 

$

249,277

 

 

$

455,183

 

 

$

 

 

$

704,460

 

 

 

 

Fair Value Measurements at
December 31, 2023:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market fund

 

$

78,010

 

 

$

 

 

$

 

 

$

78,010

 

US treasuries

 

 

27,985

 

 

 

 

 

 

 

 

 

27,985

 

Commercial Paper

 

 

997

 

 

 

 

 

 

 

 

 

997

 

Marketable securities, current

 

 

 

 

 

 

 

 

 

 

 

 

US treasuries

 

 

23,253

 

 

 

 

 

 

 

 

 

23,253

 

US government agencies

 

 

 

 

 

114,384

 

 

 

 

 

 

114,384

 

Corporate bonds

 

 

 

 

 

127,278

 

 

 

 

 

 

127,278

 

Marketable securities, non-current

 

 

 

 

 

 

 

 

 

 

 

 

US treasuries

 

 

 

 

 

 

 

 

 

 

 

-

 

US government agencies

 

 

 

 

 

28,307

 

 

 

 

 

 

28,307

 

Corporate bonds

 

 

 

 

 

33,127

 

 

 

 

 

 

33,127

 

Restricted cash

 

 

5,811

 

 

 

 

 

 

 

 

 

5,811

 

Total

 

$

136,056

 

 

$

303,096

 

 

$

 

 

$

439,152

 

 

During the six months ended June 30, 2024 and the year ended December 31, 2023, there were no transfers in or out of Level 3.