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Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

4. Fair Value Measurements

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis:

 

 

September 30, 2024

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

52,682

 

 

$

—

 

 

$

—

 

 

$

52,682

 

Marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

 

—

 

 

 

10,011

 

 

 

—

 

 

 

10,011

 

Total marketable securities

 

 

—

 

 

 

10,011

 

 

 

—

 

 

 

10,011

 

Restricted cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

2,413

 

 

 

—

 

 

 

—

 

 

 

2,413

 

Total

 

$

55,095

 

 

$

10,011

 

 

$

—

 

 

$

65,106

 

 

 

 

December 31, 2023

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

31,164

 

 

$

—

 

 

$

—

 

 

$

31,164

 

Marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bill

 

 

8,812

 

 

 

—

 

 

 

—

 

 

 

8,812

 

U.S. Treasuries

 

 

—

 

 

 

97,003

 

 

 

—

 

 

 

97,003

 

Total marketable securities

 

 

8,812

 

 

 

97,003

 

 

 

—

 

 

 

105,815

 

Restricted cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

2,413

 

 

 

—

 

 

 

—

 

 

 

2,413

 

Total

 

$

42,389

 

 

$

97,003

 

 

$

—

 

 

$

139,392

 

The fair value of the Company’s cash equivalents and restricted cash equivalents is based on quoted market prices in active markets with no valuation adjustment. The fair value of marketable securities was determined based on observable market inputs. There were no transfers between levels during the nine months ended September 30, 2024.

Prepaid expenses, accounts payable and accrued expenses are stated at their respective historical carrying values, which approximate fair value due to their short-term nature.