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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 2. Fair Value Measurements The carrying amounts of cash equivalents, prepaid and other assets, accounts payable and accrued liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. Investment securities are recorded at fair value. The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Financial assets measured at fair value on a recurring basis consist of investment securities. Investment securities are recorded at fair value, defined as the exit price in the principal market in which we would transact, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Level 2 securities are valued using quoted market prices for similar instruments, non-binding market prices that are corroborated by observable market data, or discounted cash flow techniques and include our investments in commercial paper, corporate debt securities and U.S. government agencies securities. We have no financial liabilities measured at fair value on a recurring basis. None of our non-financial assets and liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented. Assets measured at fair value on a recurring basis are as follows (in thousands):
|  |  |  |  | Fair Value Measurements Using |
|  | Total |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
As of March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 3,459 |  |  | $ | 3,459 |  |  | $ | — |  |  | $ | — |
Available-for-sale investments: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | 44,635 |  |  |  | — |  |  |  | 44,635 |  |  |  | — |
Corporate debt securities |  |  | 26,142 |  |  |  | — |  |  |  | 26,142 |  |  |  | — |
U.S. government agencies |  |  | 6,911 |  |  |  | — |  |  |  | 6,911 |  |  |  | — |
Total available-for-sale investments |  |  | 77,688 |  |  |  | — |  |  |  | 77,688 |  |  |  | — |
Total assets measured at fair value |  | $ | 81,147 |  |  | $ | 3,459 |  |  | $ | 77,688 |  |  | $ | — |
|  |  |  |  | Fair Value Measurements Using |
|  | Total |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
As of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 21,626 |  |  | $ | 21,626 |  |  | $ | — |  |  | $ | — |
Available-for-sale investments: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | 31,198 |  |  |  | — |  |  |  | 31,198 |  |  |  | — |
Corporate debt securities |  |  | 27,578 |  |  |  | — |  |  |  | 27,578 |  |  |  | — |
U.S. government agencies |  |  | 16,846 |  |  |  | — |  |  |  | 16,846 |  |  |  | — |
Total available-for-sale investments |  |  | 75,622 |  |  |  | — |  |  |  | 75,622 |  |  |  | — |
Total assets measured at fair value |  | $ | 97,248 |  |  | $ | 21,626 |  |  | $ | 75,622 |  |  | $ | — |
As of March 31, 2024 and December 31, 2023, available-for-sale investments are detailed as follows (in thousands):
|  |  |  | March 31, 2024 |
|  | Contractual Maturity |  | Gross Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Market Value |
Available-for-sale investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | Within 1 year |  | $ | 44,708 |  |  | $ | — |  |  | $ | (73 | ) |  | $ | 44,635 |
Corporate debt securities |  | Within 2 years |  |  | 26,176 |  |  |  | 4 |  |  |  | (38 | ) |  |  | 26,142 |
U.S. government agencies |  | Within 1 year |  |  | 6,912 |  |  |  | — |  |  |  | (1 | ) |  |  | 6,911 |
|  |  |  | $ | 77,796 |  |  | $ | 4 |  |  | $ | (112 | ) |  | $ | 77,688 |
|  |  |  | December 31, 2023 |
|  | Contractual Maturity |  | Gross Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Market Value |
Available-for-sale investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | Within 1 year |  | $ | 31,198 |  |  | $ | 14 |  |  | $ | (14 | ) |  | $ | 31,198 |
Corporate debt securities |  | Within 2 years |  |  | 27,607 |  |  |  | 12 |  |  |  | (41 | ) |  |  | 27,578 |
U.S. government agencies |  | Within 1 year |  |  | 16,841 |  |  |  | 26 |  |  |  | (21 | ) |  |  | 16,846 |
|  |  |  | $ | 75,646 |  |  | $ | 52 |  |  | $ | (76 | ) |  | $ | 75,622 |
We evaluate our available-for-sale debt securities for credit losses when the amortized cost basis exceeds fair value. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Unrealized gains and losses that are not credit-related are included in accumulated other comprehensive income (loss). When evaluating an investment for impairment, we review factors such as the severity of the impairment, changes in underlying credit ratings, our intent to sell or the likelihood that we would be required to sell the investment before its anticipated recovery in market value and the probability that the scheduled cash payments will continue to be made. We recorded no allowance for credit losses in the unaudited condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2024. As of March 31, 2024, all available-for-sale investments had a variety of effective maturity dates of less than two years. As of March 31, 2024, $76.7 million of our short-term investments had maturities less than one year and $1.0 million had maturities greater than one year. As of March 31, 2024, 24 out of 28 available-for-sale investments were in a gross unrealized loss position of which one available-for-sale investment with a market value of $2.0 million was in such position for greater than 12 months. As of March 31, 2024 and December 31, 2023, accrued interest receivable on available-for-sale securities for each of the period-ended was $0.3 million.

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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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