Fair Value Measurements (Tables)
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3 Months Ended |
Mar. 31, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Assets Measured on Recurring Basis |
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):
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Level 1 |
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Level 2 |
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Level 3 |
|
Total |
| Cash equivalents |
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|
|
|
|
|
|
| Money market funds |
$ |
19,300 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
19,300 |
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|
|
|
|
|
|
|
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| Short-term investments |
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|
|
|
|
|
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| US government and agency securities |
36,620 |
|
|
1,002 |
|
|
|
|
37,622 |
|
| Commercial paper |
— |
|
|
14,092 |
|
|
— |
|
|
14,092 |
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| 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):
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Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Cash equivalents |
|
|
|
|
|
|
|
| Money market funds |
$ |
35,375 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
35,375 |
|
| Commercial paper |
— |
|
|
— |
|
|
— |
|
|
— |
|
| Short-term investments |
|
|
|
|
|
|
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| US government and agency securities |
25,083 |
|
|
11,526 |
|
|
— |
|
|
36,609 |
|
| Commercial paper |
— |
|
|
21,479 |
|
|
— |
|
|
21,479 |
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| Total |
$ |
60,458 |
|
|
$ |
33,005 |
|
|
$ |
— |
|
|
$ |
93,463 |
|
|
| Debt Securities, Available-for-Sale |
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):
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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 |
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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 |
|
|
| Schedule of Cash and Cash Equivalents |
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):
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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 |
|
|
|
|
|
|
|
|
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| Total |
$ |
30,609 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
30,609 |
|
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|
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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 |
|
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