Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

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Fair Value Measurements
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Financial instruments recorded at fair value in the financial statements are categorized as follows:
•Level 1: Observable inputs that reflect quoted prices for identical assets or liabilities in active markets.
•Level 2: Observable inputs, other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•Level 3: Unobservable inputs reflecting management's assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.
The following table summarizes the assets measured at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2024 (in thousands):
Level 1 Level 2 Level 3 Total
Cash equivalents
Money market funds $ 19,300  $ —  $ —  $ 19,300 
Short-term investments
US government and agency securities 36,620  1,002  37,622 
Commercial paper —  14,092  —  14,092 
Total $ 55,920  $ 15,094  $ —  $ 71,014 
The following table summarizes the assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2023 (in thousands):
Level 1 Level 2 Level 3 Total
Cash equivalents
Money market funds $ 35,375  $ —  $ —  $ 35,375 
Commercial paper —  —  —  — 
Short-term investments
US government and agency securities 25,083  11,526  —  36,609 
Commercial paper —  21,479  —  21,479 
Total $ 60,458  $ 33,005  $ —  $ 93,463 
The following tables summarize the Company's short-term investments on the consolidated balance sheets as of March 31, 2024 and December 31, 2023 (in thousands):
March 31, 2024
Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
Short-term investments
US government and agency securities $ 37,640  $ 8  $ (26) $ 37,622 
Commercial paper 14,094  5  (7) 14,092 
Total $ 51,734  $ 13  $ (33) $ 51,714 
December 31, 2023
Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
Short-term investments
US government and agency securities $ 36,568  $ 48  $ (7) $ 36,609 
Commercial paper 21,477  11  (9) 21,479 
Total $ 58,045  $ 59  $ (16) $ 58,088 
The following tables summarize the Company’s cash and cash equivalents on the consolidated balance sheets as of March 31, 2024 and December 31, 2023 (in thousands):
March 31, 2024
Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
Cash $ 11,309  $ —  $ —  $ 11,309 
Cash equivalents
Money market funds 19,300  —  —  19,300 
Total $ 30,609  $ —  $ —  $ 30,609 
December 31, 2023
Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
Cash $ 15,381  $ —  $ —  $ 15,381 
Cash equivalents
Money market funds 35,375  —  —  35,375 
Commercial paper —  —  —  — 
Total $ 50,756  $ —  $ —  $ 50,756 
As of March 31, 2024, the weighted-average remaining contractual maturities of available-for-sale securities was approximately six months.
No available-for-sale securities held as of March 31, 2024 have been in a continuous unrealized loss position for more than twelve months. As of March 31, 2024, unrealized losses on available-for-sale securities are not attributed to credit risk and are considered temporary. The Company believes it is more likely than not that investments in an unrealized loss position will be held until maturity or the cost basis of the investment will be recovered. The Company believes it has no other-than-temporary impairments on its securities as it does not intend to sell these securities and does not believe it is more likely than not that it will be required to sell these securities before the recovery of their amortized cost basis. To date, the Company has not recorded any impairment charges on securities related to other-than-temporary declines in fair value. The Company’s cash equivalents and short-term investments are due within one year from the balance sheet date.
For the three months ended March 31, 2024 and 2023, both unrealized holding gains and losses were immaterial and the resulting net unrealized holding gain/loss was included in accumulated other comprehensive income.
As of March 31, 2024 and December 31, 2023, there was no outstanding debt. The carrying amounts of certain financial instruments, including accounts receivable, accounts payable, and accrued liabilities approximate fair value due to their short-term maturities and are excluded from the fair value tables above.