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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured at Fair Value on Recurring Basis

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

 

 

$

—

 
Schedule of Available-for-sale Investments

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