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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of recurring fair value measurement of the Company's assets and liabilities | The recurring fair value measurement of the Company’s assets and liabilities measured at fair value at June 30, 2024 consisted of the following (in thousands):
|  | Quoted Prices in Active Markets For Identical Items (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market investments |  | $ | 21,717 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,717 |
U.S. treasury securities |  |  | — |  |  |  | 12,934 |  |  |  | — |  |  |  | 12,934 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | — |  |  |  | 40,611 |  |  |  | — |  |  |  | 40,611 |
Total |  | $ | 21,717 |  |  | $ | 53,545 |  |  | $ | — |  |  | $ | 75,262 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Performance award |  | $ | — |  |  | $ | — |  |  | $ | 8 |  |  | $ | 8 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 8 |  |  | $ | 8 |
The recurring fair value measurement of the Company’s assets and liabilities measured at fair value at December 31, 2023 consisted of the following (in thousands):
|  | Quoted Prices in Active Markets For Identical Items (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market investments |  | $ | 10,983 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,983 |
U.S. treasury securities |  |  | — |  |  |  | 9,928 |  |  |  | — |  |  |  | 9,928 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | — |  |  |  | 75,331 |  |  |  | — |  |  |  | 75,331 |
Total |  | $ | 10,983 |  |  | $ | 85,259 |  |  | $ | — |  |  | $ | 96,242 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Performance award |  | $ | — |  |  | $ | — |  |  | $ | 7 |  |  | $ | 7 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 7 |  |  | $ | 7 |
Schedule Changes in fair value measurements of the Performance Award | The following table sets forth a summary of changes in the fair value measurements of the Performance Award liability (in thousands):
|  | Performance Award |
Balance as of January 1, 2024 |  | $ | 7 |
Change in fair value |  |  | 1 |
Balance as of June 30, 2024 |  | $ | 8 |

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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