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Fair Value of Financial Instruments | 6 Months Ended
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Jun. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] |
Fair value of financial instruments | Fair value of financial instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following table sets forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy (in thousands):
Description: |  | June 30, 2024 |  | Quoted prices in active markets for identical assets (level 1) |  | Significant other observable inputs (level 2) |  | Significant unobservable inputs (level 3)
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 144,091 |  |  | $ | 144,091 |  |  | $ | — |  |  | $ | — |
Short-term investments: |  |  |  |  |  |  |  |
U.S. Treasury |  | 85,439 |  |  | 85,439 |  |  | — |  |  | — |
Commercial paper |  | 13,884 |  |  | — |  |  | 13,884 |  |  | — |
Total |  | $ | 243,414 |  |  | $ | 229,530 |  |  | $ | 13,884 |  |  | $ | — |
Description: |  | December 31, 2023 |  | Quoted prices in active markets for identical assets (level 1) |  | Significant other observable inputs (level 2) |  | Significant unobservable inputs (level 3)
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 144,892 |  |  | $ | 144,892 |  |  | $ | — |  |  | $ | — |
Short-term investments: |  |  |  |  |  |  |  |
U.S. Treasury |  | 47,366 |  |  | 47,366 |  |  | — |  |  | — |
Federal agency securities |  | 35,818 |  |  | — |  |  | 35,818 |  |  | — |
Commercial paper |  | 11,927 |  |  | — |  |  | 11,927 |  |  | — |
Total |  | $ | 240,003 |  |  | $ | 192,258 |  |  | $ | 47,745 |  |  | $ | — |
The Company did not have any transfers of financial assets measured at fair value on a recurring basis to or from Level 1, Level 2 or Level 3 for any of the periods presented. The table above does not include the Company's investments in privately held equity securities. Non-marketable equity investments of $1.6 million are included within Other noncurrent assets on the consolidated balance sheet as of June 30, 2024.

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- References No definition available. + Details
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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent + Details
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