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Fair Value
3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value

4. Fair Value

 

The Company measures its financial assets and liabilities at fair value, which is defined as the exit price, or the amount that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The Company uses the following three-level valuation hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs to value its financial assets and liabilities:

Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities.
Level 2 - Valuations based on quoted prices in active markets for similar 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.
Level 3 - Valuations based on inputs that are both significant to the fair value measurements and are unobservable.

Money market funds are valued at the closing price reported by the fund sponsor from an actively traded exchange. Money market funds and U.S. Treasury bills were included as cash and cash equivalents in the condensed consolidated balance sheets for the periods presented. The Company obtains the fair value of its Level 2 cash equivalents from third-party pricing services. The pricing services utilize industry standard valuation models whereby all significant inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, or other market-related data, are observable.

The following tables provides a summary of the assets that are measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 (in thousands):

 

 

Fair Value Measurements as of
March 31, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Funds

 

$

8,400

 

 

$

 

 

$

 

 

$

8,400

 

U.S. Treasury Bills

 

 

 

 

 

19,809

 

 

 

 

 

 

19,809

 

Total

 

$

8,400

 

 

$

19,809

 

 

$

 

 

$

28,209

 

 

 

 

Fair Value Measurements as of
December 31, 2023

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Funds

 

$

5,686

 

 

$

 

 

$

 

 

$

5,686

 

U.S. Treasury Bills

 

 

 

 

 

25,164

 

 

 

 

 

 

25,164

 

Total

 

$

5,686

 

 

$

25,164

 

 

$

 

 

$

30,850