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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’s cash equivalents are classified within Level 1 and Level 2 of the fair value hierarchy. The Company’s investments in marketable securities are classified within Level 2 of the fair value hierarchy.

 

The fair values of the Company’s marketable securities are based on prices obtained from independent pricing sources. Consistent with the fair value hierarchy described in Note 2, Summary of Significant Accounting Policies, marketable securities with validated quotes from pricing services are reflected within Level 2, as they are primarily based on observable pricing for similar assets or other market observable inputs. Typical inputs used by these pricing services include, but are not limited to, reported trades, benchmark yields, issuer spreads, bids, offers or estimates of cash flow, prepayment spreads and default rates. The Company performs validation procedures to ensure the reasonableness of this data. The Company performs its own review of prices received from the independent pricing services by comparing these prices to other sources. After completing the validation procedures, the Company did not adjust or override any fair value measurements provided by the pricing services as of March 31, 2024 and December 31, 2023.

 

The following tables summarize the Company’s cash equivalents and marketable securities as of March 31, 2024 and December 31, 2023:

 

 

 

March 31, 2024

 

 

 

Total

 

 

Quoted
Prices in
Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

159,464

 

 

$

159,464

 

 

$

 

 

$

 

U.S. government securities

 

 

4,983

 

 

 

 

 

 

4,983

 

 

 

 

U.S. corporate bonds

 

 

1,993

 

 

 

 

 

 

1,993

 

 

 

 

International corporate bonds

 

 

4,962

 

 

 

 

 

 

4,962

 

 

 

 

Total cash equivalents

 

 

171,402

 

 

 

159,464

 

 

 

11,938

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

 

136,725

 

 

 

 

 

 

136,725

 

 

 

 

U.S. corporate bonds

 

 

181,949

 

 

 

 

 

 

181,949

 

 

 

 

International corporate bonds

 

 

83,861

 

 

 

 

 

 

83,861

 

 

 

 

U.S. commercial paper

 

 

30,357

 

 

 

 

 

 

30,357

 

 

 

 

International commercial paper

 

 

45,059

 

 

 

 

 

 

45,059

 

 

 

 

U.S. certificates of deposit

 

 

1,303

 

 

 

 

 

 

1,303

 

 

 

 

U.S. municipal securities

 

 

65,106

 

 

 

 

 

 

65,106

 

 

 

 

Total marketable securities

 

 

544,360

 

 

 

 

 

 

544,360

 

 

 

 

 

 

$

715,762

 

 

$

159,464

 

 

$

556,298

 

 

$

 

 

 

 

December 31, 2023

 

 

 

Total

 

 

Quoted
Prices in
Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

59,852

 

 

$

59,852

 

 

$

 

 

$

 

U.S. government securities

 

 

8,695

 

 

 

 

 

 

8,695

 

 

 

 

Total cash equivalents

 

 

68,547

 

 

 

59,852

 

 

 

8,695

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

 

166,925

 

 

 

 

 

 

166,925

 

 

 

 

U.S. corporate bonds

 

 

210,198

 

 

 

 

 

 

210,198

 

 

 

 

International corporate bonds

 

 

97,675

 

 

 

 

 

 

97,675

 

 

 

 

U.S. commercial paper

 

 

23,370

 

 

 

 

 

 

23,370

 

 

 

 

International commercial paper

 

 

46,900

 

 

 

 

 

 

46,900

 

 

 

 

U.S. certificates of deposit

 

 

8,830

 

 

 

 

 

 

8,830

 

 

 

 

U.S. municipal securities

 

 

128,294

 

 

 

 

 

 

128,294

 

 

 

 

Total marketable securities

 

 

682,192

 

 

 

 

 

 

682,192

 

 

 

 

 

 

$

750,739

 

 

$

59,852

 

 

$

690,887

 

 

$

 

 

During the three months ended March 31, 2024 and 2023, there were no transfers among the Level 1, Level 2 and Level 3 categories.