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Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

4. Fair Value Measurements

The fair values of the Company’s financial assets that are measured on a recurring basis are as follows (in thousands):

 

 

June 30, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Money market funds

 

$

11,080

 

 

$

—

 

 

$

—

 

 

$

11,080

 

Commercial paper

 

 

—

 

 

 

52,869

 

 

 

—

 

 

 

52,869

 

U.S. government bonds

 

 

17,908

 

 

 

3,983

 

 

 

—

 

 

 

21,891

 

Agency bonds

 

 

—

 

 

 

4,980

 

 

 

—

 

 

 

4,980

 

Total

 

$

28,988

 

 

$

61,832

 

 

$

—

 

 

$

90,820

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Money market funds

 

$

12,288

 

 

$

—

 

 

$

—

 

 

$

12,288

 

Corporate bonds

 

 

—

 

 

 

13,992

 

 

 

—

 

 

 

13,992

 

Commercial paper

 

 

—

 

 

 

88,289

 

 

 

—

 

 

 

88,289

 

U.S. government bonds

 

 

42,797

 

 

 

4,994

 

 

 

—

 

 

 

47,791

 

Agency bonds

 

 

—

 

 

 

9,830

 

 

 

—

 

 

 

9,830

 

Total

 

$

55,085

 

 

$

117,105

 

 

$

—

 

 

$

172,190

 

 

The Company’s Level 2 investments are valued using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar investments, issuer credit spreads, benchmark investments, prepayment/default projections based on historical data and other observable inputs. There were no transfers of assets between levels during the three months ended June 30, 2024. During the three months ended March 31, 2024, a total of $26.3 million of U.S. treasury notes and bills were transferred from Level 1 to Level 2 as such instruments were changed to off-the-run when they were issued before the most recent issue and were still outstanding at measurement day.