Fair Value Measurements and Short-Term Investments

12 Months Ended

Dec. 31, 2023

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.