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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring and Nonrecurring Basis

The following tables set forth the amortized cost, gross unrealized gains, gross unrealized losses and fair values of the Company’s marketable securities accounted for as available-for-sale securities as of September 30, 2024 and December 31, 2023.

						September 30, 2024
(in thousands)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Financial Assets:
Short-term marketable securities:
Agency bonds						$	2,491					$	—					$	(11)					$	2,480
Municipal bonds						9,597						—						(228)						9,369
Corporate bonds						14,190						—						(218)						13,972
Total						$	26,278					$	—					$	(457)					$	25,821

						December 31, 2023
(in thousands)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Financial Assets:
Short-term marketable securities:
U.S. Treasury securities						$	15,437					$	—					$	(64)					$	15,373
Yankee bonds						2,601						—						(13)						2,588
Agency bonds						6,056						—						(56)						6,000
Municipal bonds						12,694						—						(597)						12,097
Asset-backed securities						4,971						—						(37)						4,934
Corporate bonds						32,442						—						(719)						31,723
Total						$	74,201					$	—					$	(1,486)					$	72,715

Schedule of Investments Classified by Contractual Maturity Date

The following tables set forth the fair value of available-for-sale marketable securities by contractual maturity at September 30, 2024 and December 31, 2023.

						September 30, 2024
(in thousands)						One Year or Less						Over One Year Through Five Years						Over Five Years						Total
Financial Assets:
Marketable Securities:
Agency bonds						$	2,480					$	—					$	—					$	2,480
Municipal bonds						9,369						—						—						9,369
Corporate bonds						13,972						—						—						13,972
Total						$	25,821					$	—					$	—					$	25,821

						December 31, 2023
(in thousands)						One Year or Less						Over One Year Through Five Years						Over Five Years						Total
Financial Assets:
Marketable Securities:
U.S. Treasury securities						$	15,373					$	—					$	—					$	15,373
Yankee bonds						2,588						—						—						2,588
Agency bonds						6,000						—						—						6,000
Municipal bonds						3,528						8,569						—						12,097
Asset-backed securities						4,934						—						—						4,934
Corporate bonds						23,062						8,661						—						31,723
Total						$	55,485					$	17,230					$	—					$	72,715

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables set forth the Company’s cash equivalents and marketable securities accounted for as available-for-sale securities that were measured at fair value on a recurring basis based on the fair value hierarchy as of September 30, 2024 and December 31, 2023.

						September 30, 2024
(in thousands)						Level 1						Level 2						Level 3						Total
Financial Assets:
Cash equivalents:
Money market funds						$	351,980					$	—					$	—					$	351,980
Marketable securities:
Agency bonds						2,480						—						—						2,480
Municipal bonds						9,369						—						—						9,369
Corporate bonds						—						13,972						—						13,972
Total						$	363,829					$	13,972					$	—					$	377,801

						December 31, 2023
(in thousands)						Level 1						Level 2						Level 3						Total
Financial Assets:
Cash equivalents:
Money market funds						$	334,762					$	—					$	—					$	334,762
Marketable securities:
U.S. Treasury securities						15,373						—						—						15,373
Yankee bonds						2,588						—						—						2,588
Agency bonds						6,000						—						—						6,000
Municipal bonds						12,097						—						—						12,097
Asset-backed securities						—						4,934						—						4,934
Corporate bonds						—						31,723						—						31,723
Total						$	370,820					$	36,657					$	—					$	407,477

X

- Definition

Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

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