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Fair Value Measurements
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following is a summary of assets and liabilities measured at fair value on a recurring basis (in thousands):
December 31,
20232022
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents:
Cash$6,609 $— $— $6,609 $8,870 $— $— $8,870 
Cash equivalents250,613 — — 250,613 212,989 — — 212,989 
Total cash and cash equivalents$257,222 $— $— $257,222 $221,859 $— $— $221,859 
Loan facility derivative liability$— $— $1,886 $1,886 $— $— $1,779 $1,779 
The carrying amounts of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their fair values due to their short maturities. The Company’s long-term debt is recorded at its net carrying value, which approximates fair value.
There were no transfers in and out of Level 3 during the years ended December 31, 2023 and 2022.
Loan facility derivative liability
The following table sets forth a summary of the changes in the estimated fair value of the Company’s loan facility derivative liability, classified as Level 3 (in thousands):
Year Ended December 31,
20232022
Beginning of the period$1,779 $1,496 
Change in fair value107 283 
End of the period$1,886 $1,779 
The fair value of the loan facility derivative liability was determined using a discounted cash flow calculation discounted at 6%.