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

4. Fair Value Measurements

The following tables set forth marketable securities for the periods presented:

 

 

 

As of March 31, 2024

 

(in thousands)

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Total

 

Commercial paper

 

 

25,572

 

 

 

3

 

 

 

(20

)

 

 

25,555

 

Corporate debt securities

 

 

106,675

 

 

 

20

 

 

 

(132

)

 

 

106,563

 

Certificates of deposit

 

 

12,874

 

 

 

 

 

 

(6

)

 

 

12,868

 

U.S. treasury notes

 

 

36,523

 

 

 

3

 

 

 

 

 

 

36,526

 

Total

 

$

181,644

 

 

$

26

 

 

$

(158

)

 

$

181,512

 

 

 

 

As of December 31, 2023

 

(in thousands)

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Total

 

Corporate debt securities

 

 

1,474

 

 

 

 

 

 

 

 

 

1,474

 

Total

 

$

1,474

 

 

$

 

 

$

 

 

$

1,474

 

 

The following tables set forth by level, within the fair value hierarchy (see Note 2), the assets carried at fair value on a recurring basis for the periods presented:

 

 

 

Fair value measurements as of March 31, 2024

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

9,308

 

 

$

 

 

$

 

 

$

9,308

 

Corporate debt securities

 

 

 

 

 

7,142

 

 

 

 

 

 

7,142

 

U.S. treasury notes

 

 

4,734

 

 

 

 

 

 

 

 

 

4,734

 

Marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

25,555

 

 

 

 

 

 

 

 

 

25,555

 

Corporate debt securities

 

 

 

 

 

106,563

 

 

 

 

 

 

106,563

 

Certificates of deposit

 

 

 

 

 

12,868

 

 

 

 

 

 

12,868

 

U.S. treasury notes

 

 

36,526

 

 

 

 

 

 

 

 

 

36,526

 

Total

 

$

76,123

 

 

$

126,573

 

 

$

 

 

$

202,696

 

 

 

 

Fair Value Measurements as of December 31, 2023

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

66,179

 

 

$

 

 

$

 

 

$

66,179

 

U.S. treasury notes

 

 

18,689

 

 

 

 

 

 

 

 

 

18,689

 

Marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

 

 

 

 

1,474

 

 

 

 

 

 

1,474

 

Total

 

$

84,868

 

 

$

1,474

 

 

$

 

 

$

86,342

 

 

The fair value of U.S. government treasury notes, money market funds and commercial paper were determined by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy. Certificates of deposit and corporate debt securities were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy.

 

There were no transfers between Level 1, Level 2, or Level 3 during the periods presented.
 

The following table summarizes the scheduled maturity for the Company's marketable securities for the periods presented:

 

(in thousands)

 

March 31, 2024

 

Maturing in one year or less

 

$

132,213

 

Maturing after one year through two years

 

 

49,299

 

Maturing after two years

 

 

 

Total

 

$

181,512

 

 

Financial instruments not recorded at fair value

The carrying values of cash, cash equivalents, accounts payable and accrued expenses that are reported on the balance sheets approximate their fair value due to the short-term nature of these assets and liabilities.