Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type are presented in the following table (in thousands):

	September 30, 2024
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	195,823	$	—	$	—	$	195,823
U.S. treasury bills	8,917		—		—		8,917
Corporate debt securities	—		36,065		—		36,065
U.S. government bonds	—		20,845		—		20,845
Agency bonds	—		4,970		—		4,970
Total financial assets	$	204,740	$	61,880	$	—	$	266,620

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	278,116	$	—	$	—	$	278,116
Total financial assets	$	278,116	$	—	$	—	$	278,116

The carrying amounts of certain financial instruments such as cash and cash equivalents, accounts receivable, prepaid expenses, other current assets, accounts payable and accrued expenses as of September 30, 2024 and December 31, 2023 approximate their related fair values due to their short-term nature.

Money market funds and U.S. treasury bills are highly liquid investments and are actively traded. The pricing information on these investment instruments is readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy.

Certain financial instruments classified within Level 2 of the fair value hierarchy include the types of instruments that trade in markets that are not considered to be active, but are valued based on quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. The Company reviews trading activity and pricing for these investments as of each measurement date.