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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Summary of Financial Assets Measured at Fair Value on Recurring Basis

The following table summarizes the Company's financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

 

 

 

 

December 31, 2023

 

 

Fair Value
Hierarchy
Level

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Money market funds

Level 1

 

$

95,875

 

 

$

 

 

$

 

 

$

95,875

 

Total cash equivalents

 

 

$

95,875

 

 

$

 

 

$

 

 

$

95,875

 

 

 

 

 

December 31, 2022

 

 

Fair Value
Hierarchy
Level

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Money market funds

Level 1

 

$

22,496

 

 

$

 

 

$

 

 

$

22,496

 

Total cash equivalents

 

 

 

22,496

 

 

 

 

 

 

 

 

 

22,496

 

U.S. government treasury securities

Level 1

 

 

43,779

 

 

 

1

 

 

 

(516

)

 

 

43,264

 

Corporate bonds

Level 2

 

 

11,369

 

 

 

 

 

 

(43

)

 

 

11,326

 

Total short-term investments

 

 

 

55,148

 

 

 

1

 

 

 

(559

)

 

 

54,590

 

Total cash equivalents and investments

 

 

$

77,644

 

 

$

1

 

 

$

(559

)

 

$

77,086

 

Summary of investments in an unrealized loss position Investments that were in an unrealized loss position as of December 31, 2022 consisted of (in thousands):

 

 

December 31, 2022

 

 

Less than 12 months

 

 

Greater than 12 months

 

 

Total

 

 

Fair Value

 

 

Unrealized Losses

 

 

Fair Value

 

 

Unrealized Losses

 

 

Fair Value

 

 

Unrealized Losses

 

U.S. government treasury securities

$

16,743

 

 

$

(77

)

 

$

23,585

 

 

$

(439

)

 

$

40,328

 

 

$

(516

)

Corporate bonds

 

 

 

 

 

 

 

11,326

 

 

 

(43

)

 

 

11,326

 

 

 

(43

)

Total short-term investments

$

16,743

 

 

$

(77

)

 

$

34,911

 

 

$

(482

)

 

$

51,654

 

 

$

(559

)

No