Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company measures certain financial assets at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows:

•Level 1: Quoted prices in active markets for identical assets or liabilities.

•Level 2: Observable inputs, other than Level 1 prices, such as quoted prices for similar assets or 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.

•Level 3: Unobservable inputs that are supported by little or no market activity.

The following tables present information about the Company’s financial assets that are measured at fair value and indicate the fair value hierarchy of the valuation inputs used (in thousands):

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Marketable Securities:
Commercial paper	$	—	$	33,287	$	—	$	33,287
Corporate bonds	—		9,906		—		9,906
U.S. Treasury securities	—		495		—		495
U.S. agency securities	—		4,289		—		4,289
Asset-backed securities	—		367		—		367
Total assets	$	—	$	48,344	$	—	$	48,344

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Marketable Securities:
Commercial paper	$	—	$	43,489	$	—	$	43,489
Corporate bonds	—		33,183		—		33,183
U.S. Treasury securities	—		14,145		—		14,145
U.S. agency securities	—		12,950		—		12,950
Asset-backed securities	—		2,157		—		2,157
Total assets	$	—	$	105,924	$	—	$	105,924

Marketable securities are classified within Level 2 because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market.

The carrying amounts of certain financial instruments, including cash held in banks, cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to their short-term maturities and are excluded from the fair value tables above.

As of December 31, 2023 and December 31, 2022, the Company held investment-grade marketable securities which were accounted for as available-for-sale securities. There was not a significant difference between the amortized cost and fair value of these securities. The gross unrealized gains and losses associated with these securities were immaterial in the periods presented

The following table classifies our marketable securities by contractual maturity (in thousands):

	December 31, 2023		December 31, 2022
Due in one year or less	$	44,645	$	92,929
Due after one year and within two years	3,699		12,995
Total	$	48,344	$	105,924