Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement

v3.24.3
Fair Value Measurement
9 Months Ended
Sep. 30, 2024
Fair Value Measurement  
Fair Value Measurement

8.     Fair Value Measurement

The following tables present the Company’s financial instruments that are measured at fair value on a recurring basis:

As of September 30, 2024

Quoted Market

Prices in Active

Significant

Markets for

Significant Other

Unobservable

Identical Assets

Observable Inputs

Inputs

Total Fair Value

(in thousands)

(Level 1)

(Level 2)

(Level 3)

Measurements

Assets:

    

  

    

  

    

  

    

  

Cash equivalents

$

33,860

$

$

$

33,860

Short-term investments

$

50,686

$

$

$

50,686

As of December 31, 2023

Quoted Market

 

Prices in Active

Significant

Markets for

Significant Other

Unobservable

 

Identical Assets

 

Observable Inputs

Inputs

Tota1 Fair Value

(in thousands)

(Level 1)

(Level 2)

 

(Level 3)

Measurements

Assets:

    

 

  

    

 

  

    

 

  

    

 

  

Cash equivalents

 

$

61,463

$

$

 

$

61,463

 

As of September 30, 2024, Cash equivalents consisted of treasury bills with original maturities at the date of purchase of three months or less and money market funds of $33.9 million. As of December 31, 2023, Cash equivalents consisted of treasury bills with original maturities at the date of purchase of three months or less and money market funds of $61.5 million.

Short-term investments consisted of treasury bills of $50.7 million as of September 30, 2024. As of September 30, 2024, all of the Company’s Short-term investments are contractually due within one year.

As of September 30, 2024 and December 31, 2023, the amortized cost of the Company’s treasury bills approximated fair value. The Company did not record any unrealized gains, unrealized losses, or credit losses for the three and nine months ended September 30, 2024.