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Fair Value | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value | 3. Fair Value The Company has certain assets and liabilities that are measured at fair value on a recurring basis according to a fair value hierarchy that prioritizes the inputs, assumptions and valuation techniques used to measure fair value. The three levels of the fair value hierarchy are: Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2—Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly. Level 3—Inputs are generally unobservable and reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are determined using model-based techniques, including probability-based simulation methodologies. The determination of a financial instrument’s level within the fair value hierarchy is based on an assessment of the lowest level of any input that is significant to the fair value measurement. The Company considers observable data to be market data, which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The following tables reflect the Company’s financial asset balances measured at fair value on a recurring basis (in thousands):
|  | December 31, 2023 |
|  | Level |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market fund |  | 1 |  | $ | 63 |  |  | $ | — |  |  | $ | — |  |  | $ | 63 |
Commercial paper |  | 2 |  |  | 59,227 |  |  |  | — |  |  |  | (30 | ) |  |  | 59,197 |
Total cash equivalents |  |  |  | $ | 59,290 |  |  | $ | — |  |  | $ | (30 | ) |  | $ | 59,260 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | 2 |  |  | 6,431 |  |  |  | — |  |  |  | (4 | ) |  |  | 6,427 |
U.S. government debt and agency securities |  | 2 |  |  | 50,723 |  |  |  | — |  |  |  | (315 | ) |  |  | 50,408 |
Total short-term investments |  |  |  | $ | 57,154 |  |  | $ | — |  |  | $ | (319 | ) |  | $ | 56,835 |
|  | December 31, 2022 |
|  | Level |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market fund |  | 1 |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |
Commercial paper |  | 2 |  |  | 78,028 |  |  |  | — |  |  |  | (26 | ) |  |  | 78,002 |
Total cash equivalents |  |  |  | $ | 78,035 |  |  | $ | — |  |  | $ | (26 | ) |  | $ | 78,009 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | 2 |  |  | 36,933 |  |  |  | — |  |  |  | (168 | ) |  |  | 36,765 |
U.S. government debt and agency securities |  | 2 |  |  | 65,157 |  |  |  | — |  |  |  | (784 | ) |  |  | 64,373 |
Corporate bonds |  | 2 |  |  | 3,302 |  |  |  | — |  |  |  | (62 | ) |  |  | 3,240 |
Total short-term investments |  |  |  | $ | 105,392 |  |  | $ | — |  |  | $ | (1,014 | ) |  | $ | 104,378 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government debt and agency securities |  | 2 |  |  | 45,745 |  |  |  | — |  |  |  | (916 | ) |  |  | 44,829 |
Total long-term investments |  |  |  | $ | 45,745 |  |  | $ | — |  |  | $ | (916 | ) |  | $ | 44,829 |
All the commercial paper, U.S. government debt, and agency securities, U.S. treasury bills, and corporate bonds designated as short-term investments have an effective maturity date that is equal to or less than one year from the respective balance sheet date. Those that are designated as long-term investments have an effective maturity date that is more than one year, but less than two years, from the respective balance sheet date. As of December 31, 2023, the Company does not intend to sell any securities in unrealized loss positions, and it is not more-likely-than-not that the Company will be required to sell such securities prior to the recovery of the amortized cost basis. Based on the Company's assessment, the Company concluded all impairments as of December 31, 2023 to be due to factors other than credit loss, such as changes in interest rates. A credit loss allowance was not recognized and the unrealized gains (losses) for available-for-sale securities were recorded in other comprehensive loss.

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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/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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