XML 19 R12.htm IDEA: XBRL DOCUMENT
v3.24.3

Fair Value Measurements | 9 Months Ended
--- | ---
Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Note 3. Fair Value Measurements The Company adopted ASU 2016-13 beginning January 1, 2023. The Company records certain financial assets and liabilities at fair value. The accounting guidance for fair value provides a framework for measuring fair value, clarifies the definition of fair value, and expands disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: • Level 1: Inputs which include quoted prices in active markets for identical assets and liabilities. • Level 2: Inputs other than Level I that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices 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 assets or liabilities. • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s primary financial instruments include cash, cash equivalents and investments, prepaid expenses, accounts payable, and accrued liabilities. The carrying amounts of the Company’s financial instruments, other than cash equivalents and investments, approximate fair value due to their relatively short maturities. The following table presents the Company’s financial assets, which consist of cash equivalents and investments classified as available-for-sale investments, that are measured at fair value on a recurring basis (in thousands):
|  | September 30, 2024 |
|  | Level |  | Amortized Cost |  |  | Unrealized Gain |  |  | Unrealized Loss |  |  | Estimated Fair Value |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | Level 1 |  | $ | 12,025 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,025 |
Commercial paper |  | Level 2 |  |  | 9,933 |  |  |  | 2 |  |  |  | — |  |  |  | 9,935 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | Level 1 |  |  | 31,626 |  |  |  | 69 |  |  |  | — |  |  |  | 31,695 |
Commercial paper |  | Level 2 |  |  | 17,706 |  |  |  | 23 |  |  |  | — |  |  |  | 17,729 |
U.S. Government agency securities |  | Level 2 |  |  | 8,498 |  |  |  | 15 |  |  |  | — |  |  |  | 8,513 |
Corporate debt securities |  | Level 2 |  |  | 1,982 |  |  |  | 3 |  |  |  | — |  |  |  | 1,985 |
Total |  |  |  | $ | 81,770 |  |  | $ | 112 |  |  | $ | — |  |  | $ | 81,882 |
|  | December 31, 2023 |
|  | Level |  | Amortized Cost |  |  | Unrealized Gain |  |  | Unrealized Loss |  |  | Estimated Fair Value |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | Level 1 |  | $ | 4,478 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,478 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | Level 1 |  |  | 15,649 |  |  |  | 31 |  |  |  | — |  |  |  | 15,680 |
U.S. Treasury securities |  | Level 2 |  |  | 1,247 |  |  |  | — |  |  |  | (1 | ) |  |  | 1,246 |
Commercial paper |  | Level 2 |  |  | 41,472 |  |  |  | 47 |  |  |  | (2 | ) |  |  | 41,517 |
U.S. Government agency securities |  | Level 2 |  |  | 19,479 |  |  |  | 30 |  |  |  | (5 | ) |  |  | 19,504 |
Asset-backed securities |  | Level 2 |  |  | 8,770 |  |  |  | 12 |  |  |  | (3 | ) |  |  | 8,779 |
Corporate debt securities |  | Level 2 |  |  | 4,914 |  |  |  | 8 |  |  |  | — |  |  |  | 4,922 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | Level 1 |  |  | 23,542 |  |  |  | 131 |  |  |  | — |  |  |  | 23,673 |
U.S. Government agency securities |  | Level 2 |  |  | 3,494 |  |  |  | 28 |  |  |  | (1 | ) |  |  | 3,521 |
Total |  |  |  | $ | 123,045 |  |  | $ | 287 |  |  | $ | (12 | ) |  | $ | 123,320 |
The Company classifies its money market funds and U.S. Treasury securities, which are valued based on quoted market prices in active markets with no valuation adjustment, as Level 1 assets within the fair value hierarchy. The Company classifies its investments in U.S. Treasury securities, commercial paper, U.S. government agency securities, asset-backed securities, and corporate debt securities as Level 2 within the fair value hierarchy. The fair values of these investments are estimated by taking into consideration valuations obtained from third-party pricing services. 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 securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data and other observable inputs. There were no transfers of financial instruments between valuation levels during the nine months ended September 30, 2024. As of September 30, 2024, no ne of the Company’s available-for-sale investments that were in an unrealized loss position had been in an unrealized loss position for more than 12 months. During the nine months ended September 30, 2024 and 2023, the Company did no t sell any available-for-sale investments. As of September 30, 2024, the Company’s short-term investments had maturities of less than one year from the balance sheet date. The Company does not intend to sell the securities in an unrealized loss position and does not expect they will be required to sell the securities before recovery of the unamortized cost basis. Additionally, the Company evaluated its securities for credit losses and considered the decline in market value to be primarily attributable to current economic and market conditions and not credit related. Accordingly, no allowance for credit losses had been recognized as of September 30, 2024 and December 31, 2023. During the nine months ended September 30, 2024 and 2023, the Company did no t recognize any impairment losses related to investments. As of September 30, 2024 and December 31, 2023, the Company had accrued interest receivable of $0.3 million and $0.4 million, respectively, which was included in prepaid expenses and other current assets on the unaudited interim condensed balance sheets.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent + Details
Name: | us-gaap_FairValueMeasurementInputsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration