Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The following tables present information about the Company’s financial assets that have been measured at fair value as of September 30, 2024 and December 31, 2023, and indicate the fair value of the hierarchy of the valuation inputs utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair value determined by Level 2 inputs utilize observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted market prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. The following tables set forth marketable securities as of September 30, 2024 and December 31, 2023 (in thousands):

	As of September 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Total
U.S. Treasury notes	$	96,439	$	144	$	(15	)	$	96,568
Total	$	96,439	$	144	$	(15	)	$	96,568

	As of December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Total
U.S. Treasury notes		29,622		11		—		29,633
Total	$	29,622	$	11	$	—	$	29,633

The following tables set forth the fair value of the Company’s financial assets measured at fair value on a recurring basis and indicate the level within the fair value hierarchy utilized to determine such values as of September 30, 2024 and December 31, 2023 (in thousands):

	As of September 30, 2024
	Total		Level 1		Level 2		Level 3
Cash Equivalents:
U.S. Treasury-backed money market funds	$	35,474	$	35,474	$	—	$	—
Marketable Securities:
U.S. Treasury notes		96,568		96,568		—		—
Total	$	132,042	$	132,042	$	—	$	—

	As of December 31, 2023
	Total		Level 1		Level 2		Level 3
Cash Equivalents:
U.S. Treasury-backed money market funds	$	64,397	$	64,397	$	—	$	—
U.S. Treasury notes	$	11,980	$	11,980	$	—	$	—
Marketable Securities:
U.S. Treasury notes	$	29,633	$	29,633	$	—	$	—
Total	$	106,010	$	106,010	$	—	$	—

Money market funds are highly liquid investments that are valued based on quoted market prices in active markets, which represent a Level 1 measurement within the fair value hierarchy. These money market funds are classified on the unaudited condensed consolidated balance sheet under cash and cash equivalents.