Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Measurements

Fair Value Measurements

11. Fair Value Measurements

The fair value of the Company’s financial instruments reflects the amounts that the Company estimates it will receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The fair value hierarchy prioritizes the use of inputs used in valuation techniques into the following three levels: 

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

Level 2 - Observable inputs other than quoted prices in active markets for identical assets and 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. This category generally includes U.S. Government and agency securities; municipal securities; mutual funds and securities sold and not yet settled. 

Level 3 - Unobservable inputs. 

The Company’s financial instruments are valued using observable inputs. The following table sets forth the fair value of the financial instruments re-measured by the Company as of March 31, 2024:

	Level 1		Level 2		Level 3		Total
March 31, 2024
Mutual funds	$	2,123	$	—	$	—	$	2,123
US Treasury securities		—		1,298		—		1,298
Certificates of deposit		—		413		—		413
Corporate debt securities		—		253		—		253
Total	$	2,123	$	1,964	$	—	$	4,087

	Level 1		Level 2		Level 3		Total
December 31, 2023
Mutual funds	$	1,505	$	—	$	—	$	1,505
US Treasury securities		—		1,803		—		1,803
Certificates of deposit		—		103		—		103
Corporate debt securities		—		985		—		985
Total	$	1,505	$	2,891	$	—	$	4,396