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Available-for-sale Securities and Fair Value on Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Summary of Available-for-Sale Securities | The following is a summary of available-for-sale securities at September 30, 2024 (in thousands):
|  | September 30, 2024 |
|  | Amortized Cost |  |  | Gross Unrealized Gain |  |  | Gross Unrealized Loss |  |  | Allowance for Credit Loss |  |  | Fair Value |
Money market funds |  | $ | 7,639 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,639 |
United States government agency securities |  |  | 23,819 |  |  |  | 120 |  |  |  | (37 | ) |  |  | — |  |  |  | 23,902 |
Corporate debt securities |  |  | 27,047 |  |  |  | 119 |  |  |  | (37 | ) |  |  | — |  |  |  | 27,129 |
Mortgage-backed securities |  |  | 3,148 |  |  |  | 11 |  |  |  | (200 | ) |  |  | — |  |  |  | 2,959 |
Total available-for-sale securities |  | $ | 61,653 |  |  | $ | 250 |  |  | $ | (274 | ) |  | $ | — |  |  | $ | 61,629 |
The following is a summary of available-for-sale securities at December 31, 2023 (in thousands):
|  | December 31, 2023 |
|  | Amortized Cost |  |  | Gross Unrealized Gain |  |  | Gross Unrealized Loss |  |  | Allowance for Credit Loss |  |  | Fair Value |
Money market funds |  | $ | 5,062 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,062 |
United States government agency securities |  |  | 19,652 |  |  |  | 16 |  |  |  | (314 | ) |  |  | — |  |  |  | 19,354 |
Corporate debt securities |  |  | 32,395 |  |  |  | 3 |  |  |  | (638 | ) |  |  | — |  |  |  | 31,760 |
Mortgage-backed securities |  |  | 3,347 |  |  |  | 7 |  |  |  | (263 | ) |  |  | — |  |  |  | 3,091 |
Total available-for-sale securities |  | $ | 60,456 |  |  | $ | 26 |  |  | $ | (1,215 | ) |  | $ | — |  |  | $ | 59,267 |
Available-for-Sale Debt Securities by Original Contractual Maturity | Available-for-sale securities at September 30, 2024 and December 31, 2023, consisted of the following by contractual maturity (in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
One year or less |  | $ | 38,752 |  |  | $ | 38,717 |  |  | $ | 42,598 |  |  | $ | 41,789 |
Greater than one year and less than five years |  |  | 22,901 |  |  |  | 22,912 |  |  |  | 17,858 |  |  |  | 17,478 |
Total available-for-sale securities |  | $ | 61,653 |  |  | $ | 61,629 |  |  | $ | 60,456 |  |  | $ | 59,267 |
Available-for-Sale Marketable Securities in Unrealized Position | The following tables show all available-for-sale marketable securities in an unrealized loss position for which an allowance for credit losses has not been recognized and the related gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):
| September 30, 2024 |
| Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
| Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
Corporate debt securities | $ | 944 |  |  | $ | (2 | ) |  | $ | 12,451 |  |  | $ | (35 | ) |  | $ | 13,395 |  |  | $ | (37 | )
United States government agency securities |  | — |  |  |  | — |  |  |  | 11,571 |  |  |  | (37 | ) |  |  | 11,571 |  |  |  | (37 | )
Mortgage-backed securities |  | — |  |  |  | — |  |  |  | 2,527 |  |  |  | (200 | ) |  |  | 2,527 |  |  |  | (200 | )
Total | $ | 944 |  |  | $ | (2 | ) |  | $ | 26,549 |  |  | $ | (272 | ) |  | $ | 27,493 |  |  | $ | (274 | )
| December 31, 2023 |
| Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
| Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
Corporate debt securities | $ | 1,466 |  |  | $ | (12 | ) |  | $ | 29,647 |  |  | $ | (626 | ) |  | $ | 31,113 |  |  | $ | (638 | )
United States government agency securities |  | 4,855 |  |  |  | (25 | ) |  |  | 10,991 |  |  |  | (289 | ) |  |  | 15,846 |  |  |  | (314 | )
Mortgage-backed securities |  | 242 |  |  |  | (1 | ) |  |  | 2,647 |  |  |  | (262 | ) |  |  | 2,889 |  |  |  | (263 | )
Total | $ | 6,563 |  |  | $ | (38 | ) |  | $ | 43,285 |  |  | $ | (1,177 | ) |  | $ | 49,848 |  |  | $ | (1,215 | )
The Company typically invests in highly-rated securities, and its investment policy limits the amount of credit exposure to any one issuer. The policy generally requires investments to be investment grade, with the primary objective of minimizing the potential risk of principal loss. Fair values were determined for each individual security in the investment portfolio. When evaluating an investment for expected credit losses, the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment’s cost basis. The Company also regularly reviews its investments in an unrealized loss position and evaluates the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, and current economic conditions. During the three and nine months ended September 30, 2024 and 2023, the Company did no t recognize any expected credit losses. The Company has no current requirement or intent to sell the securities in an unrealized loss position. The Company expects to recover up to (or beyond) the initial cost of investment for securities held. The gross realized gains or losses from the sale or maturity of available-for-sale investments were de minimis for all periods presented. Fair Value Disclosures The Company uses certain assumptions that market participants would use to determine the fair value of an asset or liability in pricing the asset or liability in an orderly transaction between market participants at the measurement date. The identification of market participant assumptions provides a basis for determining what inputs are to be used for pricing each asset or liability. A fair value hierarchy has been established which gives precedence to fair value measurements calculated using observable inputs over those using unobservable inputs. This hierarchy prioritized the inputs into three broad levels as follows: • Level 1: Quoted prices in active markets for identical instruments • Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments) • Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments) Money market funds are highly liquid investments and are actively traded. The pricing information on these investment instruments are readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy. To estimate the fair value of Level 2 debt securities the Company’s primary pricing service relies on inputs from multiple industry-recognized pricing sources to determine the price for each investment. Corporate debt and U.S. government agency securities are systematically priced by this service as of the close of business each business day. If the primary pricing service does not price a specific asset a secondary pricing service is utilized. The Company classifies instruments in Level 3 if one or more significant inputs or significant value drivers are unobservable. The Company did not have any Level 3 investments as of September 30, 2024 or December 31, 2023.
Fair Values of Financial Assets and Liabilities | The fair values of the Company’s financial assets and liabilities were determined using the following inputs at September 30, 2024 (in thousands):
|  | Balance sheet |  |  |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | classification |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Money market funds |  | Cash and cash equivalents |  | $ | 7,639 |  |  | $ | 7,639 |  |  | $ | — |  |  | $ | — |
United States government agency securities |  | Short-term investments |  |  | 23,902 |  |  |  | — |  |  |  | 23,902 |  |  |  | — |
Corporate debt securities |  | Short-term investments |  |  | 27,129 |  |  |  | — |  |  |  | 27,129 |  |  |  | — |
Mortgage-backed securities |  | Short-term investments |  |  | 2,959 |  |  |  | — |  |  |  | 2,959 |  |  |  | — |
Total short-term investments |  |  |  | $ | 61,629 |  |  | $ | 7,639 |  |  | $ | 53,990 |  |  | $ | — |
The fair values of the Company’s financial assets and liabilities were determined using the following inputs at December 31, 2023 (in thousands):
|  | Balance sheet |  |  |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | classification |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Money market funds |  | Cash and cash equivalents |  | $ | 5,062 |  |  | $ | 5,062 |  |  | $ | — |  |  | $ | — |
United States government agency securities |  | Short-term investments |  |  | 19,354 |  |  |  | — |  |  |  | 19,354 |  |  |  | — |
Corporate debt securities |  | Short-term investments |  |  | 31,760 |  |  |  | — |  |  |  | 31,760 |  |  |  | — |
Mortgage-backed securities |  | Short-term investments |  |  | 3,091 |  |  |  | — |  |  |  | 3,091 |  |  |  | — |
Total short-term investments |  |  |  | $ | 59,267 |  |  | $ | 5,062 |  |  | $ | 54,205 |  |  | $ | — |

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