XML 23 R16.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Fair Value Measurements and Marketable Securities (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Summary of Cash Equivalents and Marketable Securities | The following tables summarize the Company’s cash equivalents and marketable securities as of March 31, 2024 and December 31, 2023:
|  | Total |  |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
|  | (in thousands) |
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds invested in government securities |  | $ | 69,905 |  |  | $ | 69,905 |  |  | $ | — |  |  | $ | — |
U.S. Treasury Bills |  |  | 39,813 |  |  |  | 39,813 |  |  |  | — |  |  |  | — |
Total cash equivalents |  |  | 109,718 |  |  |  | 109,718 |  |  |  | — |  |  |  | — |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Bills |  |  | 23,058 |  |  |  | 23,058 |  |  |  | — |  |  |  | — |
U.S. Government securities |  |  | 79,835 |  |  |  | — |  |  |  | 79,835 |  |  |  | — |
Corporate bonds |  |  | 25,989 |  |  |  | — |  |  |  | 25,989 |  |  |  | — |
Total marketable securities |  |  | 128,882 |  |  |  | 23,058 |  |  |  | 105,824 |  |  |  | — |
Total cash equivalents and marketable securities |  | $ | 238,600 |  |  | $ | 132,776 |  |  | $ | 105,824 |  |  | $ | — |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds invested in government securities |  | $ | 24,701 |  |  | $ | 24,701 |  |  | $ | — |  |  | $ | — |
Total cash equivalents |  |  | 24,701 |  |  |  | 24,701 |  |  |  | — |  |  |  | — |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Bills |  |  | 17,334 |  |  |  | 17,334 |  |  |  | — |  |  |  | — |
U.S. Government securities |  |  | 35,719 |  |  |  | — |  |  |  | 35,719 |  |  |  | — |
Corporate bonds |  |  | 6,988 |  |  |  | — |  |  |  | 6,988 |  |  |  | — |
Total marketable securities |  |  | 60,041 |  |  |  | 17,334 |  |  |  | 42,707 |  |  |  | — |
Total cash equivalents and marketable securities |  | $ | 84,742 |  |  | $ | 42,035 |  |  | $ | 42,707 |  |  | $ | — |
Summary of Marketable Securities | The following table summarizes the Company's marketable securities as of March 31, 2024 and December 31, 2023.
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Bills |  | $ | 23,061 |  |  | $ | — |  |  | $ | (3 | ) |  | $ | 23,058 |
U.S. Government securities |  |  | 79,849 |  |  |  | 6 |  |  |  | (20 | ) |  |  | 79,835 |
Corporate bonds |  |  | 25,997 |  |  |  | 3 |  |  |  | (11 | ) |  |  | 25,989 |
Total marketable securities |  | $ | 128,907 |  |  | $ | 9 |  |  | $ | (34 | ) |  | $ | 128,882 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Bills |  | $ | 17,330 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 17,334 |
U.S. Government securities |  |  | 35,653 |  |  |  | 66 |  |  |  | — |  |  |  | 35,719 |
Corporate bonds |  |  | 6,977 |  |  |  | 11 |  |  |  | — |  |  |  | 6,988 |
Total marketable securities |  | $ | 59,960 |  |  | $ | 81 |  |  | $ | — |  |  | $ | 60,041 |

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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration