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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 3. Fair Value Measurement s Fair Value Measurements-Recurring Basis Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is as follows: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs, other than the quoted prices included in Level 1, that are either directly or indirectly observable. Level 3: Unobservable inputs in which there is little or no market activity, which require the reporting entity to develop its own assumptions. The following tables present information about the fair value measurements of the Company’s financial assets and liabilities which are measured at fair value on a recurring basis, and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):
|  | September 30, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |
Money market fund |  | $ | 24,276 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,276 |
Total cash equivalents |  |  | 24,276 |  |  |  | — |  |  |  | — |  |  |  | 24,276 |
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  | 20,762 |  |  |  | — |  |  |  | — |  |  |  | 20,762 |
U.S. government agency securities |  |  | — |  |  |  | 34,674 |  |  |  | — |  |  |  | 34,674 |
Corporate debt securities |  |  | — |  |  |  | 18,820 |  |  |  | — |  |  |  | 18,820 |
Commercial paper |  |  | — |  |  |  | 132,436 |  |  |  | — |  |  |  | 132,436 |
Asset backed securities |  |  | — |  |  |  | 6,368 |  |  |  | — |  |  |  | 6,368 |
Total marketable securities |  |  | 20,762 |  |  |  | 192,298 |  |  |  | — |  |  |  | 213,060 |
Total assets |  | $ | 45,038 |  |  | $ | 192,298 |  |  | $ | — |  |  | $ | 237,336 |
|  | December 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |
Money market fund |  | $ | 40,241 |  |  | $ | — |  |  | $ | — |  |  | $ | 40,241 |
Commercial paper |  |  | — |  |  |  | 7,468 |  |  |  | — |  |  |  | 7,468 |
Total cash equivalents |  |  | 40,241 |  |  |  | 7,468 |  |  |  | — |  |  |  | 47,709 |
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency securities |  |  | — |  |  |  | 67,208 |  |  |  | — |  |  |  | 67,208 |
Commercial paper |  |  | — |  |  |  | 118,465 |  |  |  | — |  |  |  | 118,465 |
Asset backed securities |  |  | — |  |  |  | 14,968 |  |  |  | — |  |  |  | 14,968 |
Total marketable securities |  |  | — |  |  |  | 200,641 |  |  |  | — |  |  |  | 200,641 |
Total assets |  | $ | 40,241 |  |  | $ | 208,109 |  |  | $ | — |  |  | $ | 248,350 |
In determining the fair value of its Level 2 investments, the Company relied on the most recent observable inputs for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable. These quoted prices were obtained by the Company with the assistance of a third-party pricing service based on available trade, bid and other observable market data for identical or similar securities. During the nine months ended September 30, 2024 and 2023, there were no transfers between Level 1, Level 2 and Level 3. As of September 30, 2024 and December 31, 2023, the fair value of the Company’s available-for-sale marketable securities by type of security was as follows (in thousands):
|  | September 30, 2024 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gain |  |  | Loss |  |  | Value |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 20,570 |  |  | $ | 192 |  |  | $ | — |  |  | $ | 20,762 |
U.S. government agency securities |  |  | 34,446 |  |  |  | 228 |  |  |  | — |  |  |  | 34,674 |
Corporate debt securities |  |  | 18,750 |  |  |  | 73 |  |  |  | (3 | ) |  |  | 18,820 |
Commercial paper |  |  | 132,169 |  |  |  | 270 |  |  |  | (3 | ) |  |  | 132,436 |
Asset backed securities |  |  | 6,354 |  |  |  | 14 |  |  |  | — |  |  |  | 6,368 |
Total marketable securities |  | $ | 212,289 |  |  | $ | 777 |  |  | $ | (6 | ) |  | $ | 213,060 |
|  | December 31, 2023 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gain |  |  | Loss |  |  | Value |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 67,310 |  |  | $ | — |  |  | $ | (102 | ) |  | $ | 67,208 |
Commercial paper |  |  | 118,323 |  |  |  | 143 |  |  |  | (1 | ) |  |  | 118,465 |
Asset backed securities |  |  | 14,979 |  |  |  | 2 |  |  |  | (13 | ) |  |  | 14,968 |
Total marketable securities |  | $ | 200,612 |  |  | $ | 145 |  |  | $ | (116 | ) |  | $ | 200,641 |
All of the Company’s marketable securities as of September 30, 2024 have maturity dates of less than one year. As of September 30, 2024, two available-for-sale marketable securities were in an unrealized loss position. Of the two available-for-sale marketable securities in an unrealized loss position, both had been in an unrealized loss position for less than 12 months. As of December 31, 2023, ten available-for-sale marketable securities were in an unrealized loss position. Of the ten available-for-sale marketable securities in an unrealized loss position, eight had been in an unrealized loss position for less than 12 months and two had been in an unrealized loss position for greater than 12 months. The following table presents available-for-sale marketable securities that were in an unrealized loss position as of September 30, 2024, aggregated by major security type and length of time in a continuous loss position (in thousands):
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
Corporate debt securities |  | $ | 3,908 |  |  | $ | (3 | ) |  | $ | — |  |  | $ | — |  |  | $ | 3,908 |  |  | $ | (3 | )
Commercial paper |  | $ | 3,873 |  |  | $ | (3 | ) |  | $ | — |  |  | $ | — |  |  | $ | 3,873 |  |  | $ | (3 | )
The following table presents available-for-sale marketable securities that were in an unrealized loss position as of December 31, 2023, aggregated by major security type and length of time in a continuous loss position (in thousands):
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
U.S. government agency securities |  | $ | 47,242 |  |  | $ | (79 | ) |  | $ | 19,966 |  |  | $ | (23 | ) |  | $ | 67,208 |  |  | $ | (102 | )
Commercial paper |  | $ | 9,965 |  |  | $ | (1 | ) |  | $ | — |  |  | $ | — |  |  | $ | 9,965 |  |  | $ | (1 | )
Asset backed securities |  | $ | 9,854 |  |  | $ | (13 | ) |  | $ | — |  |  | $ | — |  |  | $ | 9,854 |  |  | $ | (13 | )
The Company reviews its marketable securities at each reporting date to determine if any security is impaired, which would require the Company to record an allowance for credit losses in that respective period. The Company evaluated the securities individually for impairment and considered factors such as the severity of the impairment, changes in underlying credit ratings, forecasted recovery, the Company’s intent to sell or the likelihood that the Company would be required to sell the security before its anticipated recovery in market value and the probability that the scheduled cash payments will continue to be made. Based on the Company’s review of these marketable securities, the Company believes none of the unrealized losses are the result of a credit loss as of September 30, 2024. These marketable securities are of high credit quality, and the Company does not intend to sell these securities prior to maturity and it is not more-likely-than-not that the Company will be required to sell these securities before the recovery of their amortized cost basis. As such, the Company did no t record an allowance for credit losses as of September 30, 2024. During the nine months ended September 30, 2024, the immaterial unrealized losses were due to market fluctuations and were only sustained for a short period of time. During the year ended December 31, 2023, the decline in market value in the Company’s marketable securities was primarily attributable to an increase in interest rates. Accrued interest receivable on available-for-sale marketable securities, included in prepaid expenses and other assets on the Company’s condensed consolidated balance sheets, was $0.4 million and $0.8 million at September 30, 2024 and December 31, 2023, respectively. The Company does not measure an allowance for credit losses for accrued interest receivables. For the purposes of identifying and measuring an impairment, accrued interest is excluded from both the fair value and amortized cost basis of the available-for-sale marketable security. Uncollectible accrued interest receivables associated with an impaired available-for-sale marketable security are reversed against interest income upon identification of the impairment. No accrued interest receivables were written off during the nine months ended September 30, 2024 or 2023.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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