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Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

3. Fair Value of Financial Instruments

 

The fair value of the Company’s financial assets by level within the fair value hierarchy were as follows (in thousands):

 

September 30, 2024

 

 

Level 1

 

Level 2

 

Level 3

 

Money market fund (cash equivalent)

$

160,443

 

$

—

 

$

—

 

Money market fund (short-term restricted cash)

 

208

 

 

—

 

 

—

 

Certificate of deposit (long-term restricted cash)

 

—

 

 

2,418

 

 

—

 

Marketable securities:

 

 

 

 

 

 

   Government agency

 

—

 

 

514,836

 

 

—

 

Total assets measured at fair value

$

160,651

 

$

517,254

 

$

—

 

 

 

December 31, 2023

 

 

Level 1

 

Level 2

 

Level 3

 

Money market fund (cash equivalent)

$

393,096

 

$

—

 

$

—

 

Money market fund (short-term restricted cash)

 

1,903

 

 

—

 

 

—

 

Certificate of deposit (long-term restricted cash)

 

—

 

 

2,418

 

 

—

 

Marketable securities:

 

 

 

 

 

 

   Commercial paper

 

—

 

 

26,737

 

 

—

 

   Corporate debt

 

—

 

 

5,982

 

 

—

 

   Government agency

 

—

 

 

301,884

 

 

—

 

Total assets measured at fair value

$

394,999

 

$

337,020

 

$

—

 

 

The fair value of financial assets categorized within Level 1 of the fair value hierarchy is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities. The fair value of financial assets categorized within Level 2 of the fair value hierarchy is determined by using inputs other than Level 1 quoted prices that are directly or indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models, such as interest rates and yield curves that can be corroborated by observable market data.

 

The Company did not transfer any assets measured at fair value on a recurring basis between levels during the nine months ended September 30, 2024 or the year ended December 31, 2023.