Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The Company’s financial instruments consist primarily of cash, restricted cash and cash equivalents, marketable securities, accounts receivable and accounts payable. The carrying values of cash, restricted cash and cash equivalents, accounts receivable and accounts payable approximate their respective fair values due to the short-term nature of these instruments. Cash equivalents include amounts held in money market accounts that are measured at fair value using observable market prices. Marketable securities include debt securities that are measured at fair value using observable inputs.

The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2. Significant other inputs that are directly or indirectly observable in the marketplace.

Level 3. Significant unobservable inputs which are supported by little or no market activity.

The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. The following tables summarize the Company’s financial assets measured at fair value as of March 31, 2024 and December 31, 2023 and indicate the fair value hierarchy of the valuation:

			Fair Value at Reporting Date Using
(in thousands)	March 31, 2024		Level 1		Level 2		Level 3
Assets:
Cash equivalents(1)	$	37,235	$	37,235	$	—	$	—
Marketable securities:
Corporate bonds	11,656		—		11,656		—
Commercial paper	6,978		—		6,978		—
U.S. Treasury debt securities	22,325		22,325		—		—
International debt securities	2,166		—		2,166		—
Total marketable securities	43,125		22,325		20,800		—
Total Assets	$	80,360	$	59,560	$	20,800	$	—

(1) Includes insured cash sweep account, cash sweep account, money market account and money market funds that have investments primarily in U.S. Government Agency debt, U.S. Treasury debt, U.S. Treasury Repurchase Agreements, U.S. Government Agency Repurchase Agreements, and corporate bonds that have a maturity of three months or less from the original acquisition date.

			Fair Value at Reporting Date Using
(in thousands)	December 31, 2023		Level 1		Level 2		Level 3
Assets:
Cash equivalents(1)	$	34,463	$	34,463	$	—	$	—
Marketable securities:
Corporate bonds	16,206		—		16,206		—
Commercial paper	7,279		—		7,279		—
U.S. government-sponsored enterprise securities	3,500		—		3,500		—
U.S. Treasury debt securities	22,067		22,067		—		—
International debt securities	2,144		—		2,144		—
Total marketable securities	51,196		22,067		29,129		—
Total Assets	$	85,659	$	56,530	$	29,129	$	—

(1) Includes insured cash sweep account, cash sweep account, money market account and money market funds that have investments primarily in U.S. Government Agency debt, U.S. Treasury debt, U.S. Treasury Repurchase Agreements, U.S. Government Agency Repurchase Agreements and corporate bonds that have a maturity of three months or less from the original acquisition date.