Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value, Liabilities Measured on Recurring Basis

The following tables present the Company's financial assets and liabilities that are measured at estimated fair value on a recurring basis as of June 30, 2024 and December 31, 2023:

	Fair value measurements as of June 30, 2024
	(in thousands)
	Carrying value		Level 1		Level 2		Level 3
Financial assets:
Cash equivalents:
Money market funds	17,905		17,905		—		—
U.S. treasury securities	4,729		—		4,729		—
Total	22,634		17,905		4,729		—
Available-for-sale marketable securities:
U.S. treasury securities	45,771		—		45,771		—
U.S. government agencies securities	22,232		—		22,232		—
Total	68,003		—		68,003		—
Total	$	90,637	$	17,905	$	72,732	$	—
Liabilities:
Contingent consideration	72		—		—		72
Total	$	72	$	—	$	—	$	72
	Fair value measurements as of December 31, 2023
	(in thousands)
	Carrying value		Level 1		Level 2		Level 3
Liabilities:
Contingent consideration	112		—		—		112
Total	$	112	$	—	$	—	$	112

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following is a reconciliation of changes in the liability related to contingent consideration as of December 31, 2023 and June 30, 2024:

	(in thousands)
Fair value as of January 1, 2023	$	792
Change in fair value	325
Earn-out payments	(502)
Milestone achievement	(500)
Foreign exchange	(3)
Fair value as of December 31, 2023	$	112
Change in fair value	(18)
Earn-out payments	(22)
Fair value as of June 30, 2024	$	72