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Fair Value Measurements
9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

5. Fair Value Measurements

The following tables present information about the Company’s financial instruments that are measured at fair value on a recurring basis:

 

 

September 30, 2024

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

22,629

 

 

$

22,629

 

 

$

 

Corporate debt securities

 

 

334

 

 

 

 

 

 

334

 

Cash equivalents

 

 

22,963

 

 

 

22,629

 

 

 

334

 

Certificates of deposit

 

 

252

 

 

 

 

 

 

252

 

Commercial paper

 

 

4,407

 

 

 

 

 

 

4,407

 

Corporate debt securities

 

 

138,944

 

 

 

 

 

 

138,944

 

Municipal securities

 

 

14,644

 

 

 

 

 

 

14,644

 

Government and agency debt

 

 

154,705

 

 

 

 

 

 

154,705

 

Marketable securities

 

 

312,952

 

 

 

 

 

 

312,952

 

Foreign currency contracts designated as hedging instruments included in prepaid expenses and other current assets

 

 

312

 

 

 

 

 

 

312

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

12

 

 

 

 

 

 

12

 

Total financial assets

 

$

336,239

 

 

$

22,629

 

 

$

313,610

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

Foreign currency contracts designated as hedging instruments included in accrued expenses and other current liabilities

 

$

745

 

 

$

 

 

$

745

 

Foreign currency contracts not designated as hedging instruments included in accrued expenses and other current liabilities

 

 

147

 

 

 

 

 

 

147

 

Total financial liabilities

 

$

892

 

 

$

 

 

$

892

 

 

 

 

 

December 31, 2023

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

40,646

 

 

$

40,646

 

 

$

 

Government and agency debt

 

 

5,498

 

 

 

 

 

 

5,498

 

Cash equivalents

 

 

46,144

 

 

 

40,646

 

 

 

5,498

 

Certificates of deposit

 

 

2,434

 

 

 

 

 

 

2,434

 

Commercial paper

 

 

8,921

 

 

 

 

 

 

8,921

 

Corporate debt securities

 

 

162,447

 

 

 

 

 

 

162,447

 

Municipal securities

 

 

22,236

 

 

 

 

 

 

22,236

 

Government and agency debt

 

 

183,095

 

 

 

 

 

 

183,095

 

Marketable securities

 

 

379,133

 

 

 

 

 

 

379,133

 

Foreign currency contracts designated as hedging instruments included in prepaid expenses and other current assets

 

 

1,189

 

 

 

 

 

 

1,189

 

Foreign currency contracts not designated as hedging instruments included in prepaid expenses and other current assets

 

 

235

 

 

 

 

 

 

235

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

12

 

 

 

 

 

 

12

 

Total financial assets

 

$

426,713

 

 

$

40,646

 

 

$

386,067

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

Foreign currency contracts designated as hedging instruments included in accrued expenses and other current liabilities

 

$

52

 

 

$

 

 

$

52

 

Foreign currency contracts not designated as hedging instruments included in accrued expenses and other current liabilities

 

 

5

 

 

 

 

 

5

 

Total financial liabilities

 

$

57

 

 

$

 

 

$

57

 

The Company classifies its money market fund within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its restricted cash, certificates of deposit, commercial paper, corporate debt securities, municipal securities, government and agency debt, and derivative financial instruments within Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. As of September 30, 2024 and December 31, 2023, the Company did not have any assets or liabilities valued based on Level 3 valuations.