FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Cash Equivalents and Short-Term Investments

The following tables present the Company's cash equivalents and short-term investments by significant investment category and fair value level as of March 31, 2024, and December 31, 2023 (in thousands):


	March 31, 2024
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Level 1(1):
Money market funds	$	118,855	$	—	$	—	$	118,855
U.S. government securities	68,053		1		(7)		68,047
Level 2(2):
Corporate paper	35,818		—		(20)		35,798
Total	$	222,726	$	1	$	(27)	$	222,700


	December 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Level 1(1):
Money market funds	$	117,328	$	—	$	—	$	117,328
U.S. government securities	64,630		12		—		64,642
Level 2(2):
Corporate paper	37,888		—		(7)		37,881
Total	$	219,846	$	12	$	(7)	$	219,851

(1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.

(2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.