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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements Assets and liabilities recorded at fair value in the consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows: Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date. Level 2—Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. Level 3—Unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis—Financial assets and liabilities held by the Company measured at fair value on a recurring basis include money market funds and marketable securities. Assets and Liabilities Measured and Recorded at Fair Value on a Nonrecurring Basis—The Company determines the fair value of long-lived assets held and used, such as intangible assets, by reference to independent appraisals, quoted market prices (e.g., an offer to purchase) and other factors. An impairment charge is recorded when the carrying value of the asset exceeds its fair value. There have been no impairment charges recorded to date. Based on the borrowing rates currently available to the Company for debt with similar terms and consideration of default and credit risk, the carrying value of the term loan approximates the fair value. The fair value of the term loan is estimated using Level 2 inputs. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The following tables summarizes the types of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):
| June 30, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 6,191 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,191 |
Total cash equivalents | $ | 6,191 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,191 |
Marketable securities: |  |  |  |  |  |  |
U.S. Government agency bonds | $ | 8,565 |  |  | $ | 19,686 |  |  | $ | — |  |  | $ | 28,251 |
Corporate debt securities | — |  |  | 2,929 |  |  | — |  |  | 2,929 |
Commercial paper | — |  |  | 19,901 |  |  | — |  |  | 19,901 |
Total marketable securities | 8,565 |  |  | 42,516 |  |  | — |  |  | 51,081 |
Total financial assets | $ | 14,756 |  |  | $ | 42,516 |  |  | $ | — |  |  | $ | 57,272 |
| December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 25,129 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,129 |
Total cash equivalents | $ | 25,129 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,129 |
Marketable securities: |  |  |  |  |  |  |
U.S. Government agency bonds | $ | 5,798 |  |  | $ | 29,466 |  |  | $ | — |  |  | $ | 35,264 |
Commercial paper | — |  |  | 12,681 |  |  | — |  |  | 12,681 |
Total marketable securities | 5,798 |  |  | 42,147 |  |  | — |  |  | 47,945 |
Total financial assets | $ | 30,927 |  |  | $ | 42,147 |  |  | $ | — |  |  | $ | 73,074 |
There were no liabilities measured at fair value on a recurring and non-recurring basis as of June 30, 2024 and December 31, 2023. The following table summarizes the cost, unrealized gains and losses and fair value of marketable securities (in thousands):
| June 30, 2024
| Amortized Cost |  | Unrealized Losses |  | Unrealized Gains |  | Fair Value
U.S. Government agency bonds | $ | 28,304 |  |  | $ | (53) |  |  | $ | — |  |  | $ | 28,251 |
Corporate debt securities | 2,932 |  |  | (3) |  |  | — |  |  | 2,929 |
Commercial paper | 19,918 |  |  | (19) |  |  | 2 |  |  | 19,901 |
Total | $ | 51,154 |  |  | $ | (75) |  |  | $ | 2 |  |  | $ | 51,081 |
| December 31, 2023
| Amortized Cost |  | Unrealized Losses |  | Unrealized Gains |  | Fair Value
U.S. Government agency bonds | $ | 35,194 |  |  | $ | (26) |  |  | $ | 96 |  |  | $ | 35,264 |
Commercial paper | 12,667 |  |  | (1) |  |  | 15 |  |  | 12,681 |
Total | $ | 47,861 |  |  | $ | (27) |  |  | $ | 111 |  |  | $ | 47,945 |
The following table summarizes the marketable securities with unrealized losses as of June 30, 2024 and December 31, 2023, aggregated by major security type and the length of time that individual securities have been in a continuous loss position (in thousands):
| June 30, 2024
| Less than 12 months |  | 12 months or greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Government agency bonds | $ | 25,260 |  |  | $ | (42) |  |  | $ | 2,991 |  |  | $ | (11) |  |  | $ | 28,251 |  |  | $ | (53) |
Corporate debt securities | 2,929 |  |  | (3) |  |  | — |  |  | — |  |  | 2,929 |  |  | (3) |
Commercial paper | 11,219 |  |  | (19) |  |  | — |  |  | — |  |  | 11,219 |  |  | (19) |
Total | $ | 39,408 |  |  | $ | (64) |  |  | $ | 2,991 |  |  | $ | (11) |  |  | $ | 42,399 |  |  | $ | (75) |
| December 31, 2023
| Less than 12 months |  | 12 months or greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Government agency bonds | $ | 11,888 |  |  | $ | (23) |  |  | $ | 1,745 |  |  | $ | (3) |  |  | $ | 13,633 |  |  | $ | (26) |
Commercial paper | 996 |  |  | (1) |  |  | — |  |  | — |  |  | 996 |  |  | (1) |
Total | $ | 12,884 |  |  | $ | (24) |  |  | $ | 1,745 |  |  | $ | (3) |  |  | $ | 14,629 |  |  | $ | (27) |
The unrealized losses for marketable securities relate to changes in interest rates. No allowance for credit losses was recorded as of June 30, 2024 and December 31, 2023, and no impairment losses were recognized for the three and six months ended June 30, 2024 and June 30, 2023. Accrued interest receivable on marketable securities of $0.2 million and $0.4 million as of June 30, 2024 and December 31, 2023, respectively, is included in prepaid expenses and other current assets on the condensed consolidated balance sheet. The Company elected to exclude accrued interest receivable from the estimation of expected credit losses on its marketable securities and reverse accrued interest receivable through interest income (expense) when amounts are determined to be uncollectible. The Company did not write off any accrued interest receivable during the three and six months ended June 30, 2024 and June 30, 2023. Contractual Maturities The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands):
| June 30, 2024
| Amortized Cost |  | Fair Value
Due within one year | $ | 51,154 |  |  | $ | 51,081 |
Due in one year to five years | — |  |  | — |
Total | $ | 51,154 |  |  | $ | 51,081 |

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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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