Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

(4)Fair Value of Financial Instruments

The Company's financial instruments consist of cash and cash equivalents and investments. The carrying amounts reported in the accompanying condensed consolidated balance sheets for cash and cash equivalents approximate fair value because of the short-term maturity of those instruments. Fair value measurements are classified and disclosed in one of the following three categories:

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

Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted 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 assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets of liabilities.

As of June 30, 2024, all of the Company's financial assets that were subject to fair value measurement were valued using observable inputs. The Company's financial assets valued based on Level 1 inputs consist of cash and money market funds and U.S. treasury securities.

			Fair Value Measurements at June 30, 2024
(in thousands)	Total		Level 1		Level 2		Level 3
Money Market Account (included in Cash and Cash Equivalents)	$	3,475	$	3,475	$	—	$	—
U.S. Treasury Securities (included in Cash and Cash Equivalents)	$	20,858	$	20,858	$	—	$	—
			Fair Value Measurements at December 31, 2023
Money Market Account (included in Cash and Cash Equivalents)	$	9,079	$	9,079	$	—	$	—
U.S. Treasury Securities (included in Cash and Cash Equivalents)	$	20,322	$	20,322	$	—	$	—