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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2024
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Fair Value Measurements | Note 5. Fair Value Measurements Financial assets and liabilities are recorded at fair value. The Company classifies fair value measurements using a three-level hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1—Quoted market prices (unadjusted) in active markets for identical assets and liabilities. • Level 2—Observable inputs other than quoted market prices included in Level 1, such as quoted market prices for markets that are not active or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. These fair values are obtained from independent pricing services which utilize Level 1 and Level 2 inputs. The following table summarizes the Company's financial instruments measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 (in thousands). Included within cash and cash equivalents on the condensed consolidated balance sheets, but excluded from the fair value hierarchy table, are cash deposits held at financial institutions.
|  | March 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 4,098 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,098 |
Total cash equivalents |  | $ | 4,098 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,098 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | $ | — |  |  | $ | 20,441 |  |  | $ | — |  |  | $ | 20,441 |
U.S. government agency securities |  |  | — |  |  |  | 16,766 |  |  |  | — |  |  |  | 16,766 |
Total short-term investments |  | $ | — |  |  | $ | 37,207 |  |  | $ | — |  |  | $ | 37,207 |
Total financial assets |  | $ | 4,098 |  |  | $ | 37,207 |  |  | $ | — |  |  | $ | 41,305 |
|  | December 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 4,246 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,246 |
Total cash equivalents |  | $ | 4,246 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,246 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | $ | — |  |  | $ | 33,213 |  |  | $ | — |  |  | $ | 33,213 |
U.S. government agency securities |  |  | — |  |  |  | 13,277 |  |  |  | — |  |  |  | 13,277 |
Total short-term investments |  | $ | — |  |  | $ | 46,490 |  |  | $ | — |  |  | $ | 46,490 |
Total financial assets |  | $ | 4,246 |  |  | $ | 46,490 |  |  | $ | — |  |  | $ | 50,736 |

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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/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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