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

3. Fair Value Measurements

The Company measures and reports certain financial instruments as assets and liabilities at fair value on a recurring basis. The Company’s financial assets measured at fair value on a recurring basis were as follows (in thousands):

 

 

 

March 31, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

42,823

 

 

$

 

 

$

 

 

$

42,823

 

Total cash equivalents

 

 

42,823

 

 

 

 

 

 

 

 

 

42,823

 

Short-term marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries

 

 

76,603

 

 

 

 

 

 

 

 

 

76,603

 

U.S. government agency bonds

 

 

19,589

 

 

 

 

 

 

 

 

 

19,589

 

Total short-term marketable securities

 

 

96,192

 

 

 

 

 

 

 

 

 

96,192

 

Total cash equivalents and short-term
   marketable securities

 

$

139,015

 

 

$

 

 

$

 

 

$

139,015

 

 

 

 

December 31, 2023

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

67,070

 

 

$

 

 

$

 

 

$

67,070

 

Total cash equivalents

 

 

67,070

 

 

 

 

 

 

 

 

 

67,070

 

Short-term marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries

 

 

96,705

 

 

 

 

 

 

 

 

 

96,705

 

U.S. government agency bonds

 

 

7,649

 

 

 

 

 

 

 

 

 

7,649

 

Total short-term marketable securities

 

 

104,354

 

 

 

 

 

 

 

 

 

104,354

 

Total cash equivalents and short-term
   marketable securities

 

$

171,424

 

 

$

 

 

$

 

 

$

171,424

 

 

The Company evaluates transfers between levels at the end of each reporting period. There were no transfers of assets or liabilities between levels during the three months ended March 31, 2024 and 2023.