FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including cash equivalents and marketable securities. Fair value is determined based on a three-tier hierarchy under the authoritative guidance for fair value measurements and disclosures that prioritizes the inputs used in measuring fair value as follows:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurements and unobservable (i.e., supported by little or no market activity).

The fair value measurements of the Company’s cash equivalents and marketable securities are identified at the following levels within the fair value hierarchy (in thousands):

	December 31, 2023
	Fair Value Measurements
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money market funds	$	2,508	$	2,508	$	—	$	—
Total	2,508		2,508		—		—
Marketable securities:
U.S. government-sponsored entity debt securities	22,566		—		22,566		—
Commercial paper securities	2,826		—		2,826		—
Corporate debt securities	1,405		—		1,405		—
Asset-backed securities	2,377		—		2,377		—
U.S. treasury bills	5,593				5,593
Certificates of deposit	1,031		—		1,031		—
Total	35,798		—		35,798		—
Total cash equivalents and marketable securities	$	38,306	$	2,508	$	35,798	$	—

	December 31, 2022
	Fair Value Measurements
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money market funds	$	50,820	$	50,820	$	—	$	—
Total	50,820		50,820		—		—
Marketable securities:
U.S. government-sponsored entity debt securities	18,417		—		18,417		—
Commercial paper securities	101,165		—		101,165		—
Corporate debt securities	11,670		—		11,670		—
Asset-backed securities	24,792		—		24,792		—
U.S. treasury bills	7,938		—		7,938		—
Certificates of deposit	37,461		—		37,461		—
Agency bonds	5,590		—		5,590		—
Total	207,033		—		207,033		—
Total cash equivalents and marketable securities	$	257,853	$	50,820	$	207,033	$	—

Cash Equivalents and Marketable Securities

The Company generally classifies its marketable securities as Level 2. Instruments are classified as Level 2 when observable market prices for identical securities that are traded in less active markets are used. When observable market prices for identical securities are not available, such instruments are priced using benchmark curves, benchmarking of like securities, sector groupings, matrix pricing and valuation models. These valuation models are proprietary to the pricing providers or brokers and incorporate a number of inputs, including in approximate order of priority: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications. For certain security types, additional inputs may be used, or some of the standard inputs may not be applicable. Evaluators may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs listed are available for use in the evaluation process for each security evaluation on any given day.