| Fair Value Measurements |
3. Fair Value Measurements
As of December 31, 2023 and 2022, the Company’s financial instruments included cash and cash equivalents, available-for-sale debt securities, accounts payable and accrued expenses. The carrying amounts for cash and cash equivalents, accounts payable and accrued expenses reported in the Company’s financial statements for these instruments approximate their respective fair values because of the short-term nature of these instruments.
The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:
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December 31, 2023 |
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Total |
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Quoted
Prices in
Active Markets
for Identical
Assets (Level 1) |
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Significant
Other
Observable
Inputs
(Level 2) |
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Significant
Unobservable
Inputs
(Level 3) |
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Financial assets |
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Cash equivalents: |
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Money market funds |
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$ |
180,124 |
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$ |
180,124 |
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$ |
— |
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|
$ |
— |
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U.S. Treasury securities - original maturity less than three months |
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12,371 |
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— |
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12,371 |
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|
— |
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Short-term investments: |
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U.S. Treasury securities |
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48,011 |
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— |
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48,011 |
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— |
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Total |
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$ |
240,506 |
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$ |
180,124 |
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$ |
60,382 |
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$ |
— |
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December 31, 2022 |
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Total |
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Quoted
Prices in
Active Markets
for Identical
Assets (Level 1) |
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|
Significant
Other
Observable
Inputs
(Level 2) |
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|
Significant
Unobservable
Inputs
(Level 3) |
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Financial assets |
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Cash equivalents: |
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Money market funds |
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$ |
81,607 |
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$ |
81,607 |
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$ |
— |
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$ |
— |
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Short-term investments: |
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U.S. Treasury securities |
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24,940 |
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— |
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24,940 |
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|
— |
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Total |
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$ |
106,547 |
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$ |
81,607 |
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$ |
24,940 |
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|
$ |
— |
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Money market funds are measured at fair value on a recurring basis using quoted prices and are classified as Level 1. Investments are measured at fair value based on inputs other than quoted prices that are derived from observable market data and are classified as Level 2 inputs.
For debt securities classified as available-for-sale investments, the Company records unrealized gains or losses resulting from changes in fair value between measurement dates as a component of other comprehensive income:
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December 31, 2023 |
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Amortized Cost |
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Gross Unrealized Gains |
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Gross Unrealized Losses |
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Fair value |
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Financial assets |
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Cash |
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$ |
743 |
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$ |
— |
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$ |
— |
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$ |
743 |
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Money market funds |
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180,124 |
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— |
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— |
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180,124 |
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U.S. Treasury securities - original maturity less than three months |
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12,367 |
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4 |
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— |
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12,371 |
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Included in cash and cash equivalents |
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193,234 |
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4 |
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— |
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193,238 |
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U.S. Treasury securities - due in one year or less |
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|
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Included in short-term investments |
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47,976 |
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39 |
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(4 |
) |
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48,011 |
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Total |
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$ |
241,210 |
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$ |
43 |
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$ |
(4 |
) |
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$ |
241,249 |
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December 31, 2022 |
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Amortized Cost |
|
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Gross Unrealized Gains |
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Gross Unrealized Losses |
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Fair value |
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Financial assets |
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Money market funds |
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Included in cash and cash equivalents |
|
$ |
81,607 |
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|
$ |
— |
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|
$ |
— |
|
|
$ |
81,607 |
|
U.S. Treasury securities - due in one year or less |
|
|
|
|
|
|
|
|
|
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Included in short-term investments |
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24,987 |
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— |
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(47 |
) |
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24,940 |
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Total |
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$ |
106,594 |
|
|
$ |
— |
|
|
$ |
(47 |
) |
|
$ |
106,547 |
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