Fair value measurements

6 Months Ended

Jun. 30, 2024

The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the level within fair value hierarchy of the valuation techniques utilized to determine such value.


	June 30, 2024
(in thousands)	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents
Money market funds	$	34,586	$	34,586	$	—	$	—


Marketable securities
U.S. treasury securities	$	103,744	$	103,744	$	—	$	—


	December 31, 2023
(in thousands)	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents
Money market funds	$	90,649	$	90,649	$	—	$	—
U.S. treasury securities	24,889		24,889		—		—
	$	115,538	$	115,538	$	—	$	—
Marketable securities
U.S. treasury securities	$	29,548	$	29,548	$	—	$	—
U.S. government agency securities	4,975		—		4,975		—
	$	34,523	$	29,548	$	4,975	$	—

There were no changes in valuation techniques or transfers between fair value measurement levels during the six months ended June 30, 2024 or during the year ended December 31, 2023.

Investments classified as Level 1 within the valuation hierarchy generally consist of U.S. treasury securities and money market funds, as the fair value is readily determinable based on active daily markets for identical securities. Investments classified as Level 2 within the valuation hierarchy generally consist of U.S. government agency securities, as the fair value is readily determinable based on active daily markets for similar securities and other observable inputs. The Company estimates the fair values of investments by taking into consideration valuations obtained from third-party pricing sources.

The carrying amounts reflected in the consolidated balance sheets for prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair values due to their short-term nature.

As of June 30, 2024 and December 31, 2023, the carrying value of the Company’s outstanding borrowing under the New Credit Facility (as defined in Note 7, Debt) approximated fair value (a Level 2 fair value measurement), reflecting interest rates currently available to the Company. The New Credit Facility is discussed in more detail in Note 7, Debt.