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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Financial Assets & Liabilities Measured At Fair Value On Recurring Basis

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

 

 
Summary of Available For Sale Marketable Securities By Type Of Security

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

 
Summary of Available For Sale Unrealized Loss Position

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.