Cash Equivalents And Marketable Securities

12 Months Ended

Dec. 31, 2023

Cash Equivalents And Marketable Securities [Abstract]

Cash Equivalents and Marketable Securities

4. CASH EQUIVALENTS AND MARKETABLE SECURITIES

Cash equivalents are classified within Level 1 in the fair value hierarchy because the Company uses quoted market prices to the extent available or alternative pricing sources to determine fair value. Marketable debt securities are classified as Level 2 because they are valued using fair value from an independent pricing service, which may use quoted market prices for identical or comparable instruments or valuations using observable market data. The Company’s debt securities are accounted for as available-for-sale securities.

Unrealized gains and losses are reported as a component of other comprehensive loss. Fair value of the debt securities were $115.0 million and $71.2 million as of December 31, 2023 and December 31, 2022, respectively.

The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

	December 31, 2023
	Fair Value Hierarchy Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Money market funds	Level 1	$	44,650	$	-	$	-		$	44,650
U.S. Government bonds	Level 2		63,619		70		(6	)		63,683
U.S. Government agency securities	Level 2		19,665		7		(14	)		19,658
Corporate debt securities	Level 2		31,500		194		-			31,694
Total cash equivalents and marketable securities		$	159,434	$	271	$	(20	)	$	159,685
	December 31, 2022
	Fair Value Hierarchy Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Money market funds	Level 1	$	42,495	$	-	$	-		$	42,495
U.S. Government bonds	Level 2		71,418		1		(225	)		71,194
Total cash equivalents and marketable securities		$	113,913	$	1	$	(225	)	$	113,689

Marketable debt securities that had been in unrealized loss positions as of December 31, 2023 and December 31, 2022 were in an unrealized loss position for less than 12 months. Unrealized losses from marketable debt securities are primarily attributable to changes in interest rates. Management does not believe any remaining unrealized losses represent impairments based on evaluation of available evidence.

The following table classifies the estimated fair value of investments in available-for-sale marketable debt securities by effective contractual maturity dates (in thousands):

	December 31, 2023
Due within one year	$	93,845
Due after one year to two years		21,190
Total marketable securities	$	115,035