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Fair Value Measurements and Short-Term Investments | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements and Short-Term Investments | Fair Value Measurements and Short-Term Investments Fair Value Measurements The following tables sets forth the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2023 and 2022:
| Fair Value Measurements as of December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 21,016 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,016 |
U.S. Government treasury bills | — |  |  | 39,341 |  |  | — |  |  | 39,341 |
Short-term investments: |  |  |  |  |  |  |
U.S. Government treasury bills | — |  |  | 114,817 |  |  | — |  |  | 114,817 |
Total assets | $ | 21,016 |  |  | $ | 154,158 |  |  | $ | — |  |  | $ | 175,174 |
| Fair Value Measurements as of December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 60,783 |  |  | $ | — |  |  | $ | — |  |  | $ | 60,783 |
U.S. Government treasury bills | — |  |  | 225,730 |  |  | — |  |  | 225,730 |
Total assets | $ | 60,783 |  |  | $ | 225,730 |  |  | $ | — |  |  | $ | 286,513 |
The table above does not include cash at December 31, 2023 and 2022 of $11,068 and $62,094, respectively. The Company believes that the carrying amounts of prepaid expenses, other current assets, accounts payable, and accrued expenses approximates their fair values due to the short-term nature of those instruments. The carrying value of the Company’s promissory note approximates its fair value due to the recent issuance of the notes in December 2022 and the current interest rate of the note outstanding when compared to market interest rates (which represents a Level 2 measurement). Refer to Note 18 for further details. Short-Term Investments The following table sets forth the Company’s short-term investments as of December 31, 2023, which have a contractual maturity of less than one year:
|  | December 31, 2023
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Credit Loss |  | Fair Value
Assets |  |  |  |  |  |  |  |  |  |
U.S. Government treasury bills |  | $ | 114,781 |  |  | $ | 36 |  |  | $ | — |  |  | $ | — |  |  | $ | 114,817 |
Total |  | $ | 114,781 |  |  | $ | 36 |  |  | $ | — |  |  | $ | — |  |  | $ | 114,817 |
The Company did not have any short-term investments as of December 31, 2022.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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