XML 23 R9.htm IDEA: XBRL DOCUMENT v3.24.3
Fair Value of Financial Assets and Liabilities
 9 Months Ended
Sep. 30, 2024
Fair Value of Financial Assets and Liabilities  
Fair Value of Financial Assets and Liabilities

3. Fair Value of Financial Assets and Liabilities

The following tables summarize the assets and liabilities measured at fair value on a recurring basis at September 30, 2024 and December 31, 2023 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at September 30, 2024

​

    

Total

    

Level 1

    

Level 2

    

Level 3

Assets:

​

​

  

​

​

  

​

​

  

​

​

  

Money market funds, included in cash and cash equivalents

​

$

70,960

​

$

70,960

​

$

—

​

$

—

U.S. treasury obligations, included in cash and cash equivalents

​

​

—

​

​

—

​

​

—

​

​

—

Marketable securities:

​

 

  

​

 

  

​

 

  

​

 

  

U.S. treasury obligations and government agency securities

​

​

62,674

​

​

62,674

​

​

—

​

​

—

Total assets

​

$

133,634

​

$

133,634

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at December 31, 2023

​

    

Total

    

Level 1

    

Level 2

    

Level 3

Assets:

​

​

  

​

​

  

​

​

  

​

​

  

Money market funds, included in cash and cash equivalents

​

$

61,764

​

$

61,764

​

$

—

​

$

—

U.S. treasury obligations, included in cash and cash equivalents

​

​

30,765

​

​

30,765

​

​

—

​

​

—

Marketable securities:

​

 

  

​

 

  

​

 

  

​

 

  

U.S. treasury obligations and government agency securities

​

 

178,083

​

​

178,083

​

​

—

​

​

—

Total assets

​

$

270,612

​

$

270,612

​

$

—

​

$

—

​

Cash, cash equivalents and marketable securities are Level 1 assets and include investments in money market funds and U.S. treasury obligations and government agency securities that are valued using quoted market prices. Accordingly, money market funds and government funds are categorized as Level 1 as of September 30, 2024 and December 31, 2023. There were no transfers of assets between fair value measurement levels during the nine months ended September 30, 2024 or 2023.

The carrying amounts reflected in the balance sheets for prepaid expenses and other current assets, accounts payable, and accrued expenses approximate their fair values at September 30, 2024 and December 31, 2023, due to their short-term nature.

The Company believes the terms of its debt reflect current market conditions for an instrument with similar terms and maturity, therefore the carrying value of the Company's debt approximates its fair value based on Level 3 of the fair value hierarchy.